• Oto, the first venture-backed digital tinnitus solution, closed an oversubscribed $3.3  million seed round, led by Octopus Ventures
• Tinnitus affects 1 in 7 people globally and is commonly left unmanaged or poorly managed
• Raise follows successful pre-seed in December 20221 and completion of the W22 cohort of the prestigious Y Combinator programme
• Announcement comes amid widespread concerns for investment downturn across almost every sector

[LONDON. 14 July 2022] UK digital health company Oto focussed on tinnitus, has announced a $3.3 million seed investment raise just 3 months after the completion of the exclusive Silicon Valley Y Combinator accelerator programme, designed to propel the world’s most promising tech companies toward success. 

There is currently no cure for tinnitus, which affects up to 1 in 7 people around the world, and is commonly left unmanaged or poorly managed, which causes significant distress for those living with the condition. In the absence of a definitive solution with widespread access for the growing number of people living with tinnitus, Oto’s founding team set out to develop a unique solution based on their clinical experience and personal experience of the condition. 

Founded by former military doctors Dr Edmund Farrar, Dr George Leidig, who also live with tinnitus, along with Specialist Registrar in Ear, Nose and Throat Surgery Dr Jameel Muzaffar, Oto is the first venture funded digital tinnitus solution. 

The oversubscribed $3.3 million seed round is supported by several hard hitters in venture capital, led by Octopus Ventures, supported by Goodwater Capital and Y Combinator with additional follow-on funding from Calm Storm Ventures and Bethnal Green Ventures.

Kamran Adle, investor at Octopus Ventures, said “Tinnitus currently affects around 50 million people in the US and UK, of which 20 million have intrusive tinnitus, a condition that can severely impact an individual’s life. For many this is a condition that they have little choice but to ‘learn to live with’. The Oto team, however, refuse to habituate and instead are providing a 10x cheaper and more convenient way to help people manage their condition. Though they probably don’t complain, we all know someone who suffers from tinnitus and have seen the effects it can have on an individual’s life. This is one of the reasons we wanted to support George, Ed and the entire Oto team as they tackle the market and provide an innovative digital solution to a long overlooked issue”.

According to the UK’s National Institute for Health and Care Excellence guidance, recommended first line treatment for tinnitus-related distress is digital cognitive behavioural therapy, however until Oto was launched, there has never been a digital option.

Now, Oto has built the ultimate tinnitus solution, providing a unique, science-backed support programme via mobile app to manage what can be an incredibly debilitating condition. In the first five months of the year the company has achieved:

• Pre-seed investment 
• One of only 15 UK healthtech startups for Y Combinator since 2005 programme launch
• 3 global partnerships with Tuned, Nuheara and Treble Health to extend the reach of digital tinnitus support
• First reimbursed digital tinnitus app in the US
• Predictions of 10x revenue for 2022
• Ranked London’s 19th fastest growing company of 2022

Sharing his cautious optimism about the raise and the acceleration of the company, at a time where data indicates a downturn in investment confidence across almost every industry and market, co-founder Dr. Ed Farrar says: 

“As a chronic condition that is not well understood and has no known cure, the impact of tinnitus can be far reaching for those affected by it, which makes this raise incredibly important to us. Achieving an oversubscribed round at any time is a huge achievement and something we’re immensely proud of. However, against the backdrop of the investment downturn, founding teams have to be more intentional about how funding is used. 

For us, this means doubling down on achieving precision product market fit to accelerate towards profitability by ensuring that the products we’re developing directly address the needs of what is an incredibly underserved community. We’re over the moon to be building on our experiences as part of the W22 Y Combinator programme and guided on that journey by a fantastic investor team, led by industry experts Octopus Ventures.”

– ENDS –

Notes to Editors

Dr Ed Farrar and Kamran Adle are available for comment. 

Headshots of the founding team are available here and images of the app are available here.

For further information, please contact:

Jessica Smith

[email protected]

+447917858889

About Oto

Oto is a digital health startup that helps people access evidence-based treatment for overlooked and underserved chronic conditions. 

Our first product provides psychological support to anyone with tinnitus – a condition affecting 1 in 7 people, characterised by ringing in the ears. The mobile app compiles and consolidates the latest therapy techniques to support people to maximise their quality of life with tinnitus. The platform has been built by an expert team of audiologists, doctors, therapists and researchers, who have decades of experience in managing tinnitus behind them. 

Our vision is simple: to be the definitive solution for overlooked chronic conditions.

To find out more visit:

https://www.joinoto.com/

https://www.linkedin.com/company/otohealth/