Technology
Hearing aid
Season 3 Episode 7
| Brand | WeHear |
| Company Name | WEHEAR INNOVATIONS PRIVATE LIMITED |
| Founders | Kanishka Patel, Raj Shah |
| Original Ask | 2.5 crores for 1% equity at the valuation of Rs. 250 crores |
| Deal | 2.5 crores for 1% equity at the valuation of Rs. 250 croresand 1.5% advisory equity |
About the Product
Introducing the WeHear OX Open Ear Bone Conduction Headphone – where safety meets seamless connectivity. With a commitment to hearing well and staying safe, these headphones offer hassle-free dual connectivity, allowing users to effortlessly connect to two Bluetooth-enabled devices simultaneously. The ability to switch audio between devices seamlessly enhances productivity, ensuring users stay connected without limitations. With an impressive 30ft long range, users can enjoy the device without the need to carry around their phones. The lightweight and ergonomic design contribute to a comfortable and convenient user experience.
Powered by a high-end Qualcomm processor, these headphones deliver exceptional audio quality and advanced features. Leveraging Qualcomm CVC 6.0 technology, they excel in audio call quality with effective noise cancellation, ensuring clear communication. Equipped with different modes to cater to diverse needs, the WeHear OX weighs a mere 33 grams, making it a versatile and practical choice. The speaker type, Bone Conduction Transducers, further enhances the listening experience, setting these headphones apart as a superior audio solution.
Founders & their story
- Kanishka Patel
- Raj Shah
WeHear, a company founded by Kanishka and Raj, specializes in cutting-edge hearing solutions, particularly in the field of bone conduction technology. Catering to various segments within the audiology market, WeHear addresses the needs of individuals who cannot use conventional hearing aids due to the absence of ears or ear holes, a population estimated at 2.5 crore worldwide. Traditional surgery for this issue costs 8 lakhs.
The flagship product, HearNU, contributes significantly to WeHear’s revenue, accounting for 70%. This revolutionary product utilizes bone conduction technology, sidestepping the ear and delivering sound directly to the brain. Positioned as a cost-effective alternative to surgery, HearNU has patented technology and is available at an affordable price of 80k.
WeHear distinguishes itself in the hearing aid manufacturing landscape by overseeing the entire process, from design and engineering to development and manufacturing, all in-house. The company’s commitment to innovation is evident in its product lineup.
One notable offering is the WeHear OX, a smart headphone device designed to prioritize ear health and prevent future hearing loss. Launched in 2019, this product is a consumer-friendly solution with no speakers, offering a unique approach to preserving auditory well-being. The company’s second product, contributing 30% to revenue, has been available since 2019. WeHear has achieved significant milestones, boasting three granted patents and three published patents. With a technical development team comprising 38 experts, WeHear’s products are accessible in 13 countries and 11 cities.
For those seeking Behind-The-Ear (BTE) solutions, WeHear offers the HearNU BTE Prime at a competitive cost of 35k, compared to other brands priced between 65k-70k. This emphasizes WeHear’s commitment to making advanced hearing technology accessible to a wider audience.
WeHear specializes in innovative solutions across audiology market segments, offering advanced products such as bone conduction hearing aids, in-ear Bluetooth-enabled hearing aids, and dedicated tinnitus therapy solutions. The company’s commitment to addressing diverse auditory needs underscores its dedication to improving the quality of life for individuals with varying hearing challenges.
About the company:
As a prominent audio technology startup, WeHear operates at the forefront of innovation, incubated at i-Hub Gujarat and GUSEC. Boasting comprehensive in-house capabilities spanning product design, electronics hardware and firmware development, software and mobile development, as well as electronics manufacturing, they have positioned themselves as leaders in the field. Their groundbreaking product, WeHear OX, stands out as the world’s first “SmartHeadphone” leveraging innovative bone conduction technology, enabling users to experience sound without relying on traditional ears. Packed with intelligent features such as real-time translation and language learning, the device represents a significant leap in audio technology.
Another noteworthy creation from WeHear is the patented “HearNU,” the world’s first non-surgical bone-conduction hearing aid. Offering a non-invasive solution for individuals with profound hearing loss, this product has garnered recognition from esteemed figures such as former President of India Shri Ramnath Kovind. Endorsed by leading ENT specialists and audiologists globally, HearNU has solidified its place as a revolutionary hearing aid solution. Their journey began in 2017 with incorporation and startup incubation at GUSEC. By 2018, they achieved a significant milestone by launching the first version of their bone-conduction hearing aid product, marking the beginning of their impactful contributions to the audio technology landscape.
Revenue:
In the latest funding round in 2023, the company raised 8 crores, with a pre-money valuation of 268 crores. The previous funding round in 2022 brought in 2.5 crores, and in 2021, the company secured 1 crore. The lifetime sales for the company have exceeded 5 crores. For the fiscal year 2023-24, sales up to September total 2.82 crores, with specific figures for July 23 at 14.25 lakh, August 23 at 89 lakhs, and September 23 at 93 lakhs. The bank balance stands at 50 lakhs.
Founders’ Ask
2.5 crores for 1% equity at the valuation of Rs. 250 crores.
Offers:
Piyush: 1 crore for 1% equity at the valuation of Rs. 100 croresand1.5 crores debt at 9% interest for 3 years
Piyush’s revised offer: 2.5 crores for 1% equity at the valuation of Rs. 250 croresand 1.5% advisory equity
Final Deal
Piyush: 2.5 crores for 1% equity at the valuation of Rs. 250 croresand 1.5% advisory equity
