Fortell raises $163M for AI hearing aids that filter sound in real time

Fortell, an AI hearing aid startup, has raised $163 million from investors including Founders Fund, Thrive Capital, and Valor Equity Partners CEO Antonio Gracias. The company plans to use the funding to develop hearing aids that can understand sounds around the user in real time, identify what matters and reduce background noise, rather than amplifying everything equally like conventional devices.

Founded by Matthew de Jonge, Fortell is taking aim at a hearing aid market dominated by five companies that make about 97% of products. The startup is positioning itself as a challenger in an industry where innovation has been slow and insurance often does not cover the cost of devices.