On Monday Israeli startup Tyto Care scored a whopping $50 million for its telehealth and connected-device company. The new funding round is led by Insight Partners, Olive Tree Ventures and Qualcomm Ventures LLC.
WHAT IT DOES
The company is part telehealth and part remote-monitoring. It allows patients to use digital tools to help conduct their exam at home, while being guided and evaluated by a doctor via telemedicine.
The devices include a connected stethoscope, a high-definition camera that can evaluate dermatological issues, an infrared thermometer, an otoscope and a tongue depressor adaptor for the throat.
The tech was used to treat coronavirus patients as far back as February, when Israel’s Sheba Medical Center took custody of 12 Israeli passengers onboard the Diamond Princess, the cruise ship that has been quarantined in Japan for several weeks because of the COVID-19 coronavirus. The medical center began using tech to help patients do self-exams and cut down on staff exposure.
WHAT IT’S FOR
The company plans to use the new funds to expand its commercialization efforts the U.S., Europe and Asia. It is also looking at expanding its AI and machine learning home device product.
MARKET SNAPSHOT
Telemedicine has been around for over two decades, but with the coronavirus crisis keeping folks at home it has seen a surge in use in recent months.
"We are doing more virtual visits in a given day than we did the entire proceeding year, so things can change," John Brownstein, Chief Innovation Officer at Boston Children's Hospital, said at the MassChallenge COVID-19 summit last month. "I don't see us going back to the way things were, in a positive way. I think we've opened physicians' eyes, opened up the administrators' eyes. Patients are recognizing the value. ... It has focused our team to deploy this at scale, and these kinds of digital practices become core to the practice of medicine going forward."
Some of the biggest names in the telehealth space include Teladoc, American Well and MDLive.
ON THE RECORD
“Over the past two years, Tyto Care has increased momentum faster than ever before, and is playing a leading role in changing how people receive healthcare. Telehealth is heeding the call of the COVID-19 pandemic, and we are proud that our unique solution is aiding health systems and consumers around the world in the fight against the virus,” Dedi Gilad, cofounder and CEO of Tyto Care, said in a statement. “This new funding comes at a pivotal moment in the evolution of telehealth, and will enable us to continue to transform the global healthcare industry with the best virtual care solutions. We look forward to further expanding the reach of telehealth and introducing new solutions as demand for remote care continues to soar.”
