Med-tech company and University of Queensland (UQ) Ventures ilab Accelerator startup Audeara was listed on the Australian Stock Exchange (AUA:ASX) earlier this month, yet another success story to come out of the ilab Accelerator program.
Audeara creates headphones for people with hearing loss by using a combination of advanced audio technology and specialised engineering to measure and tailor high-quality sound to the individual’s hearing.
UQ alumni and Audeara CEO Dr James Fielding said the team developed their first prototype through Ventures ilab accelerator program in 2015, through which they received $10,000 in funding and a mentoring program to help them turn their idea into a reality.
“We came out of medical school with the intention of doing more to help people than was possible with our own two hands and we looked at opportunities to try and improve the public health system,” Dr Fielding said.
The initial team members thought about creating a hearing test, however, when Dr Fielding joined, they changed the focus to personalised sound and entertainment.
“I love medicine and music and at Audeara I get to do both,” he said.
In addition to the Bachelor of Medicine and Bachelor of Surgery, from which he graduated in 2014, Dr Fielding also has a Bachelor of Business Management and Bachelor of Science (2010), as well as a Graduate Certificate in Executive Leadership (2014), all from UQ.
“Medicine has always been in my blood as both my parents are doctors, but I was fortunate enough to have some other great influencers outside of medicine that meant I was always interested in business and the positive impact that business can have in the health industry.”
“I love making toys and tinkering. Toys that improve people’s lives seemed like a great fit.”
Now that Audeara have achieved their goal of listing on the ASX, their sights are set on expanding internationally, including into the US market.
The $7 million raised by Audeara in its initial public offering (IPO) takes the total funds raised by ilab Accelerator startups to more than $102 million since the program first began operating under the UQ banner in 2012.
