A Perth-based wireless earbud company, voted one of the best inventions of 2020, has appointed a voluntary administrator.
Nuheara announced to the ASX it had been expecting a $2.5 million investment known as a convertible note from audio company Realtek Semiconducter Corporation that did not eventuate.
It was also expecting a commercial and royalty agreement from Realtek that has not been signed.
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Nuheara has now appointed KPMG as a joint administrator to review the company’s finances.
“The company is disappointed that it has been unable to reach a satisfactory commercial agreement with Realtek, regarding the convertible note,” the announcement said.
Nuheara launched its first medical device with smart hearing technology in 2016.
The devices allowed consumers to augment their hearing according to their personal hearing preferences.
In 2020, Time Magazine voted the company’s IQbuds2 MAX earbuds one of the best inventions of that year.
“They deliver on the audio front but also are the only wireless buds that feature both active noise cancellation and audio-processing technology capable of isolating human conversations, tuning out everything except the people or sounds you want to hear,” the article said.
