Perth WA, Australia, March 2nd, 2016 – Nuheara (ASX Code: NUH), an innovative audio Wearables company co-located in Perth, Australia and San Francisco, USA, announced today that it has listed on the Australian Securities Exchange.
Nuheara is developing intelligent earbuds that aim to allow users to hear what they want to hear in both their digital world and the world around them. Nuheara raised A$3.5M in a public offering that was oversubscribed and closed early.
According to Justin Miller, CEO of Nuheara, “We are really pleased with the response from the market to the Nuheara public offering. As an ASX listed entity and Australia’s only listed consumer Wearables company, we are now well positioned to progress our prototype towards full commercial production, targeting a burgeoning global market”.
The global wearables market is experiencing explosive growth. According to a February 2016 market update by global research group International Data Corporation (IDC) the worldwide wearable device market more than doubled to 27.4 million units in the fourth quarter of 2015. For the full year, vendors shipped a total of 78.1 million units, up 171.6 percent from 28.8 million units in 2014. “Triple-digit growth highlights growing interest in the wearables market from both end-users and vendors. It shows that wearables are not just for the technophiles and early adopters; wearables can exist and are welcome in the mass market,” IDC Research Manager – Wearables team, Ramon Llamas said.
“We are focused on building cutting edge products that solve real consumer problems in a very dynamic sector of the global technology wearables market,” said Mr. Miller. To complement its current and future engineering needs, Nuheara has developed a contractual Research and Development relationship with Curtin University, where Nuheara funds post-doctoral researchers at the University, who specialize in digital signal processing and augmented hearing.
“Curtin University provides an added level of robustness to our global business and product aspirations. In that sense, we are proud to be a poster child for Universities and the private sector collaborating to build innovative technology products for the global market ” said Justin Miller, CEO Nuheara.
While all the technology development is happening in Perth, Nuheara was born global. Mr. Miller’s Co-founder and fellow company director, David Cannington, is based in San Francisco, where Nuheara has a partnership with one of the worlds leading Wearables incubators Wearable World IoT Labs. “It’s a huge advantage for Nuheara to have a base in the heart of the weareables eco-system in Silicon Valley. We are creating a go-to-market channel for all the great technology being developed by our team in Perth,” said David Cannington.
Nuheara has been working on its intelligent earbuds (IQbuds™) for over 18 months and it recently completed its stage one wearable working prototype to overwhelmingly positive reviews from consumers. Nuheara now aims to move to stage two of its business model by targeting its first product to market for the 2016 holiday season.
Nuheara is an innovative audio Wearables company. It is developing proprietary hardware and software to deliver multi-functional intelligent hearing technology that augments a users hearing and facilitates cable free connection to smart devices.
With Nuheara’s IQbuds™, it is intended that consumers will be able to augment their hearing according to their personal hearing preferences and connect hands free with their voice enabled smart devices. Nuheara’s mission is to improve people’s lives by allowing them to seamlessly listen, communicate and connect to their physical and digital world.
Australia Contact: Justin Miller
Phone: +61-(0) 419948487
USA Contact: David Cannington
Phone: +1- 415-497-4754