Oto secures £2.8m in seed investment led by Octopus Ventures to develop its digital tinnitus platform.
The oversubscribed seed round was led by Octopus Ventures with backing from Goodwater Capital, Y Combinator, Calm Storm Ventures and Bethnal Green Ventures.
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.
London-based digital health startup Oto has secured £2.8m in an oversubscribed seed round led by Octopus Ventures. The financing was supported by Goodwater Capital and Y Combinator, alongside follow-on contributions from Calm Storm Ventures and Bethnal Green Ventures.
The capital will enable the team to accelerate product development and market fit for its mobile app, which offers digital cognitive behavioural therapy to help patients manage tinnitus. The raise follows the company participation in the Y Combinator programme earlier in the year.
From the founder
"As a chronic condition that is not well understood and has no known cure, the impact of tinnitus can be far reaching for those affected by it, which makes this raise incredibly important to us. Achieving an oversubscribed round at any time is a huge achievement and something we’re immensely proud of. However, against the backdrop of the investment downturn, founding teams have to be more intentional about how funding is used."
Edmund Farrar
Co-founder at Oto
Investor perspective
"Tinnitus currently affects around 50 million people in the US and UK, of which 20 million have intrusive tinnitus, a condition that can severely impact an individual’s life. For many this is a condition that they have little choice but to ‘learn to live with’. The Oto team, however, refuse to habituate and instead are providing a 10x cheaper and more convenient way to help people manage their condition. Though they probably don’t complain, we all know someone who suffers from tinnitus and have seen the effects it can have on an individual’s life. This is one of the reasons we wanted to support George, Ed and the entire Oto team as they tackle the market and provide an innovative digital solution to a long overlooked issue"
Kamran Adle
Investor, Octopus Ventures
Use of funds
- 01Continue product development
Investors
Kamran Adle
Octopus Ventures
Goodwater Capital
Y Combinator
Calm Storm Ventures
Bethnal Green Ventures
Categories
About the company
Oto
Oto provides a mobile app and digital therapy solution for managing tinnitus.