SAN LEANDRO, Calif.,
Sept. 7, 2016 /PRNewswire/ -- iHear
Medical, a startup company specializing in web-enabled hearing
solutions, announced today that it has signed an agreement
with Flex (NASDAQ: FLEX), whereby Flex will serve as the Company's
primary manufacturer and supplier as iHear Medical prepares to
transition to mass production.
Hearing loss is a global problem of epidemic proportions with
about 5% of the world's population, or approximately 360 million
people, suffering from a disabling level of hearing loss, according
to the World Health Organization (WHO). The current supply of
hearing aids serves less than 10% of global demand with over 90% of
the hearing impaired going untreated due to persisting barriers,
including high cost, complex dispensing procedures, and the stigma
of visibly worn traditional hearing aids. iHear Medical is
pioneering discrete, web-enabled hearing solutions with over 44
U.S. and international patents issued and pending in its
intellectual property portfolio.
The cloud-based platform developed by iHear Medical empowers
consumers with clinically effective hearing solutions at a fraction
of the cost of conventional products. With pricing for 100%
digital hearing aids under $300 per
device, the company brings the cost of advanced hearing aids in
line with prescription eyeglasses.
Adnan Shennib, president and CEO of iHear Medical, commented:
"We are excited to work with Flex to deliver products with the
highest standards. Through collaboration with Flex and other global
suppliers, iHear Medical plans to scale up sales in the United States before launching in
China and other global markets in
2017."
Sumir Kapur, senior vice
president in Flex's Consumer Technology Group, added: "We are
thrilled that iHear Medical is joining the list of leading
technology companies that have partnered with Flex for production
of their unique and innovative products. We look forward to a
fruitful partnership as we begin the process of manufacturing their
high-end hearing aid."
About Flex
Flextronics International Ltd. is the
Sketch-to-Scale™ solutions provider that designs and builds
intelligent products for a connected world. With approximately
200,000 professionals across 30 countries, Flex provides innovative
design, engineering, manufacturing, real-time supply chain insight
and logistics services to companies of all sizes in various
industries and end-markets. For more information, visit
www.flextronics.com or follow us on Twitter @Flextronics. Flex –
Live Smarter™.
About iHear Medical
iHear Medical is a venture-backed
firm dedicated to addressing the global need for affordable and
accessible hearing solutions. iHear Medical's new products and
business models are intended to break through persisting barriers
preventing people with hearing loss from using hearing aids. iHear
Medical is pioneering the world's first web-enabled hearing
solutions, and was founded by Adnan Shennib, who has started and
led the development at several Silicon Valley firms, including
InSound Medical, which was acquired by Sonova-Phonak in 2010 in a
deal totaling $169M. Shennib's
innovations received major recognition including the Medical Device
Excellence Award, and were featured in major media outlets
including CNN, New York Times,
USA Today and Inc. Magazine. For
more information on iHear Medical, visit:
www.ihearmedical.com
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SOURCE iHear Medical