Qld headphone startup lists for $21 million on ASX
Queensland startup Audeara has listed on the Australian Stock Exchange for $21 million, signalling yet another Queensland business success story following early critical investment by the Queensland Government.
Co-founded in 2015 by then medical student and drummer in indie band The Dashounds, Dr James Fielding, the firm has grown from just four people to a current team of 13, with plans to double that number within the next year.
Dr Fielding established the company to address the rising issue of noise-induced hearing loss, developing the world’s first audio-perfecting headphones with a built-in hearing test.
Their headphones are designed to complement hearing aids, helping people with entertainment experiences. In fact, demand for their headphones has come not just from people with hearing difficulties or sensitive hearing, but also music purists because of the quality of sound the headphones provide.
The Queensland Government saw the potential in Audeara early on, providing the firm with $100,000 in Advance Queensland Ignite Ideas funding in 2017.
Dr Fielding said the Ignite Ideas funding allowed the firm to engage an industrial designer to perfect the design of their headphones and a branding company to help the firm market the product.
“When we first started in 2015, we joined the University of Queensland’s iLab accelerator program. We were all working full-time as junior doctors and building Audeara after hours,” Dr Fielding said.
“What drove us was our concern over hearing loss. The reality is that hearing loss affects one in five teenagers and progresses to 50 per cent for those over 75. That’s four million people in Australia alone. We believe that people should start their hearing health
awareness journey sooner.
“We do that by offering an enhanced entertainment experience that is based on each individual’s unique hearing profile – and that’s what makes our headphones unique.”