Tuned Secures $3.2M Seed Extension to Scale Hearing Health Benefits for Modern Workforce
Tuned, a digital hearing health company, secures a $3.2 million seed extension led by Unum Group, bringing total funds raised to $8.2 million. The company aims to address undiagnosed hearing issues costing employers up to $9,100 per person annually, with a focus on employee benefits and talent attraction. Tuned provides comprehensive hearing care, serving over 1.4 million people, filling a gap in the market for preventive and intervention-based hearing health solutions.
The infusion of capital into Tuned, a digital hearing health company, underscores a burgeoning trend within the healthcare benefits sector where employers are increasingly prioritizing holistic health services. The investment led by Unum Group, a prominent player in employee benefits, marks a strategic move to address a significant yet under-served health concern in the workforce: hearing health. The economic impact of untreated hearing issues, which can cost employers up to $9,100 per person annually, highlights the potential cost savings and productivity gains for businesses that invest in preventive health measures.
From a market perspective, Tuned's comprehensive approach, which spans from prevention to intervention, is poised to disrupt traditional models of hearing care that focus primarily on treatment. This shift aligns with broader healthcare trends emphasizing preventive care to reduce long-term costs. Tuned's growth trajectory, including the expansion of its audiologist team and the development of new offerings, indicates a scaling of operations that could capture a larger market share in the employee benefits space.
The seed extension of $3.2 million, bringing Tuned's total funds to $8.2 million, reflects investor confidence in the company's business model and growth potential. The focus on preventive hearing health as a component of employee benefits packages could serve as a differentiator in the competitive talent acquisition landscape. By targeting the 60 percent of the workforce experiencing unaddressed hearing issues, Tuned is tapping into a sizable demographic, which could translate into a significant revenue stream.
Furthermore, the introduction of Tuned's STAR solution for OSHA compliance and the pediatric benefit offering represent strategic product diversification. These developments suggest an anticipation of regulatory tailwinds and a broadening of market appeal. The positive reception of these initiatives, as evidenced by the company's growth in employer customers, could signal an upward trajectory for future financial performance.
Tuned's initiative to provide comprehensive hearing health services aligns with the increasing focus on occupational health and safety. The implementation of its STAR solution indicates a proactive approach to meeting federal OSHA regulations, which could mitigate risks for employers and reduce the incidence of work-related hearing loss. The emphasis on preventive screenings and education is a progressive step towards fostering a safer work environment and promoting employee well-being.
The inclusion of pediatric hearing screenings expands the scope of employee health benefits to family members, reflecting a holistic approach to health that considers the needs of the entire family unit. This could improve employee satisfaction and loyalty, which are critical factors in talent retention. As hearing loss is a pervasive issue with significant implications for quality of life and productivity, Tuned's services could prove to be an indispensable component of employee health programs.
02/23/2024 - 10:00 AM
Unum Group Leads Investment as Tuned Pioneers Employer-Focused Hearing Health for Headphone Generation
NEW YORK --(BUSINESS WIRE)--
Tuned , a digital hearing health company providing preventive and comprehensive hearing health for employers, today announced it secured an oversubscribed $3.2 million $8.2 million
Undiagnosed hearing issues cost employers up to $9,100 $133 billion U.S. healthcare spending compared to those without hearing loss. With 50 million Americans experiencing unaddressed hearing issues, and 60 percent of them in the workforce, Tuned addresses a critical gap in employee benefits and represents a key piece of talent attraction for employers.
“Tuned's groundbreaking approach to hearing health is shaping a future where preventive hearing care is not just an afterthought, but a cornerstone of comprehensive employee health and wellness benefits,” said James Hettenbach, Vice President, Head of Business Ventures at Unum Group. “Tuned is helping to eliminate the misconceptions and stigma surrounding hearing loss while offering an easy way for employees and their families to safeguard their hearing health.”
“At a time when headphones have become commonplace as a tool for both leisure and business, increasing the risk of hearing loss, Tuned represents a proactive way for employers to simultaneously protect their employees’ well-being and distinguish themselves in the all-important battle for talent,” said Shawn Ellis, Managing Partner for Distributed Ventures. “We believe Tuned is smart, nimble and well-positioned to serve an under-recognized market.”
Led by the largest online group of audiologists in the U.S , Tuned is the only telehealth platform that supports the entire continuum of hearing care, from prevention to intervention. Today, Tuned’s comprehensive hearing benefit is available to more than 1.4 million people.
“The only other options for hearing coverage today are discounted hearing aid programs, which cater only to those with severe hearing issues,” said Danny Aronson, CEO and co-founder of Tuned. “Tuned is different because we offer preventive screenings and education while also identifying and supporting the full spectrum of hearing loss, such as mild or moderate loss, and other auditory disorders.
“By addressing a critically overlooked part of our health, we can ensure millions of employees preserve their hearing health and prevent further loss, while positively impacting their overall health, well-being and productivity.”
Tuned is coming off an impressive year of growth in 2023 that saw the company add a record number of new employer customers to its telehealth benefits platform. The company rolled out its STAR solution, an integrated scheduling, testing, analytics and recording platform that helps employers subject to federal Occupational Safety and Health Administration (OSHA) regulations achieve compliance. In June, Tuned introduced its employer-sponsored pediatric benefit offering to provide hearing screenings for adolescents.
The company’s latest investment from Unum Group will help Tuned grow its commercial team, expand its roster of audiologists to serve more employers, and develop innovative new offerings for customers.
About Tuned
Tuned is a digital health solution focused on hearing conservation and loss prevention for people of all ages. Available as an employer-sponsored benefit or OSHA-compliant solution, Tuned offers lifelong preventive hearing care and benefits, with clinically validated screenings, support and solutions for a full range of hearing issues, ranging from tinnitus and auditory processing disorders to severe hearing loss, that affect as many as one in four working adults. Today, 1.4 million people can access Tuned through employer benefits and marketplaces. Tuned is a private company headquartered in New York City , with audiologists across the United States and worldwide. For more information, visit https://www.tunedcare.com .
About Unum Group
Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2023, Unum reported revenues of $12.4 billion $7.9 billion
About Distributed Ventures
Distributed Ventures is a Seed to Series A-focused venture fund that invests in entrepreneurs as they transform the future of risk across Insurtech, Digital Health and Benefits, and Fintech. As former founders, investors, and operators, the Distributed Ventures team provides deep subject matter and early-stage operational expertise to help companies find success from day one. We work closely with our strategic LPs who lend distribution support, apply their human capital expertise and leverage existing product and data to accelerate growth. Select representative investments to date include Indio Technologies (acquired by Applied Systems), Armadillo, Kindbody, Tuned and Wingspan. For more information, visit www.distributedvc.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240223383838/en/
Stephanie Fraser
stephanie@envhs.com
Source: Tuned
How much funding did Tuned secure in the latest round led by Unum Group?
Tuned secured a $3.2 million seed extension in the latest round led by Unum Group, bringing total funds raised to $8.2 million.
What is the focus of Tuned's mission in providing hearing health solutions for employers?
Tuned aims to make comprehensive hearing care a cornerstone of competitive employee health benefits, addressing undiagnosed hearing issues costing employers up to $9,100 per person annually.
How many Americans experience unaddressed hearing issues according to the press release?
According to the press release, 50 million Americans experience unaddressed hearing issues, with 60 percent of them in the workforce.
What unique offering does Tuned provide in the hearing health market?
Tuned is the only telehealth platform that supports the entire continuum of hearing care, from prevention to intervention, serving over 1.4 million people.
What new solution did Tuned introduce in 2023 to help employers achieve compliance with federal regulations?
In 2023, Tuned introduced its STAR solution, an integrated platform for scheduling, testing, analytics, and recording to help employers subject to federal OSHA regulations achieve compliance.
