Oto raises £510k in pre-seed funding and joins Y Combinator
The UK digital health startup has closed its pre-seed raise with backing from Y Combinator and multiple angel investors.
Oto develops a digital health platform that provides evidence-based psychological support and mobile therapy for people living with tinnitus. The company is building a definitive solution to help patients manage overlooked chronic conditions.
Oto has secured £510k in pre-seed funding alongside selection for the Y Combinator accelerator programme. The round drew participation from a range of institutional backers and prominent angel investors.
The capital will be directed towards accelerating clinical validation, expanding the user base, and strengthening the commercial offering. Oto also plans to make several key hires in product development following the raise.
From the founder
"It is a huge achievement for us to be accepted onto Y Combinator and we’re incredibly excited to be a part of such a prestigious global movement that has an unparalleled track record for success. I know personally just how debilitating tinnitus can be and so as a team, we’re looking forward to learning from the very best innovators and entrepreneurs as we explore new ways to accelerate our growth and make a difference in the lives of as many people living with tinnitus as possible. Coupled with our pre-seed investment round, 2022 is shaping up to be a truly formidable year for Oto and for the tinnitus community."
Edmund Farrar
Co-founder at Oto
Use of funds
- 01Continue product development
- 02Expand into international markets
- 03Grow the team
Investors
Y Combinator
Acequia Capital
West Midlands Academic Health Science Network SME Innovation Fund
CalmStorm Ventures
Bethnal Green Ventures
Simon Franks
Errol Damelin
Alex Stephany
Matt Robinson
Ian Hogarth
Christian Steibner
Michael Orland
Sebastian Isaacs
Henry de Zoete
Imran Mahmud
Maroof Ahmed
Yusuf Sherwani
Julien Callede
Nico Bacharidis
Categories
About the company
Oto
Oto provides a mobile app and digital therapy solution for managing tinnitus.