A Woking based company that provides products to assist people with hearing impairments is looking to expand its range with the help of an Enterprise M3 (EM3) Expansion Loan.
Conversor, which was established in Surrey by Jeremy Brassington in 2003, designs and manufactures Assistive Listening Devices (ALDs), which are used by hearing aid wearers to amplify sound and reduce background noise, enhancing their overall communication experience.
As Jeremy explains: “The majority of hearing aids do not filter sound effectively, which means that the wearer can at times find it difficult to distinguish between the sounds they are trying to listen to and other noise in their environment. Our ALD works by using a microphone that can be directed towards, or placed near to, the desired sound source which is then transmitted to a receiver worn by the user. This means that so many situations, from everyday conversations to lectures, parties, performances or just watching TV, can be improved and enriched.”
With approximately one in seven people worldwide having some form of hearing impairment, many of whom could benefit from using an ALD, this is an already significant market, which is increasing with an ageing global population.
The ALD market is also experiencing growth as the devices are increasingly used to assist individuals with dyslexia, specifically in education settings where note taking is required. Conversor has already produced a range of note taking programmes and apps to be used with its ALDs and is now looking to develop these further to fully provide for this market.
To help attain this planned growth, Conversor has successfully secured a £125,000 EM3 Expansion loan, part of the EM3 Funding Escalator.
Derek Ellis, Fund Manager for The FSE Group, which is managing the EM3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), says: “Conversor is a great example of a company looking to maximise its potential in the markets available. They have strong sales to date with this set to increase significantly and we are delighted to be supporting them in the ongoing development of their products and overall business expansion, whilst creating new jobs for the Enterprise M3 area.”
The Enterprise M3 Funding Escalator is a £5.5m initiative funded by Enterprise M3 LEP. The escalator, which also includes a growth equity fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
For more information about the Enterprise M3 Funding Escalator please visit www.thefsegroup.com/enterprise-m3-funding-escalator or contact Derek Ellis at firstname.lastname@example.org tel: 01276 607302.