SpeechVice Inc. recently received over $1.5 million in syndicated funding round.
FREMONT, CA: SpeechVive Inc. is a Purdue University-affiliated medical device company and has raised over $1.5 million in the syndicated round, including funding from Purdue Foundry Investment Fund (West Lafayette), Elevate Ventures (Indianapolis), SideCar Angels (Boston), Southwest Angel Network (Austin, Texas), Racine Medical Angels (Racine, Wisconsin), and the SpeechVive management team. SpeechVive dedicates itself to treating the speech conditions of a lot of people suffering from chronic neurological diseases, such as Parkinson's, in the United States.
The company has planned to use the raised funds to avail the resources needed to scale up business within the Veterans Affairs hospitals and add several salespeople to the team. SpeechVive also looks to pursue reimbursement from Medicare and commercial insurance companies, which lets around 1 million people access to SpeechVive. Research reports say that over 1.5 million people in the U.S. and around 10 million people across the globe suffer from Parkinsons disease.
The SpeechVive device fits behind the patient's ear and detects when a patient is speaking and amplifies it and produces louder and clearer speech via Lombard Effect, an involuntary reflex. Approximately 89% of people with Parkinsons disease would have speech issues. Access to SpeechVive for those patients will make a significant improvement in their quality of life.
SpeechVive is mentioned in the list of Top 10 Emerging Neurology Device Providers by Medtech Outlook magazine. SpeechVive, a behind-the-ear smart device, helps people with Parkinsons disease speak louder and communicate more effectively. The SpeechVive device is a result of the research of Jessica Huber, inventor, and co-founder of Purdue University. Over four years of clinical data states that SpeechVive is effective in improving volume, articulation, and speech rate in 90% of the people who took part in two multisite clinical trials.