Fortell raises $163M to challenge hearing aid monopoly with AI

Fortell, founded by Matthew de Jonge, raised $163M from Founders Fund, Thrive Capital, and Valor Equity Partners. The company develops AI hearing aids that identify important sounds in real time and suppress others instead of amplifying everything. The goal is to break the monopoly of five companies that control 97% of the market.

• Fortell raised $163M from Founders Fund, Thrive Capital, and Valor
• AI hearing aids highlight important sounds in real time and suppress noise
• Five companies control 97% of the hearing aid market
• Insurance does not cover costs, and innovation in the industry is slow