TytoCare, a telehealth platform and remote care device maker, has added another $50 million to its Series D funding round, bringing the oversubscribed round to a total of $100 million.
The Israeli startup raised the first $50 million in April 2020 in a round led by Insight Partners, which led this extension as well. New investors Tiger Global Management and Qumra Capital joined this time around, as well as investors from previous rounds, including Qualcomm Ventures, Olive Tree Ventures, and Shenzhen Capital Group Company.
With this addition, TytoCare has secured $155 million in funding to date.
WHAT IT DOES
TytoCare combines remote monitoring and telehealth to allow patients to conduct their own exams at home with the TytoHome kit, while being guided and evaluated by a doctor through its telehealth platform.
The devices in the kit 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. It’s designed to cover most common conditions, and can be used to examine the heart, lungs, skin, ears, throat, abdomen and body temperature.
WHAT IT’S FOR
The funding will help TytoCare continue to expand its platform in new markets across the U.S., Europe and Asia.
The company says the COVID-19 pandemic has helped accelerate demand for its platform and in 2020, it performed 650,000 telehealth exams globally.
It will also use the funding to introduce new artificial intelligence and machine learning capabilities to its product line.
MARKET SNAPSHOT
Outside of raising money, TytoCare has been working on expanding access to its telehealth platform and connected devices. In 2019, the company began selling its products through Best Buy’s website and in select stores.
That same year, it launched on Epic's App Orchard, which allowed TytoCare providers to transfer data into the EHR and for hospitals to set up a workflow where patients can enter into a TytoCare virtual visit directly from Epic's patient-facing app MyChart.
Telehealth usage has grown across the board over the past year, and as a big name in the space, Amell’s CEO predicts that the trend will continue moving forward.
Others in the space include MDLive, which recently announced it was being acquired by Cigna's health services subsidiary Evernorth, and Teladoc, which recently announced that it had outpaced its revenue and earnings targets for both Q4 and FY 2020.
ON THE RECORD
“TytoCare was on a strong growth trajectory long before COVID-19, and last year we experienced even more immense growth amidst surging demand,” said Dedi Gilad, cofounder and CEO of TytoCare, in a statement.
“The pandemic significantly accelerated telehealth awareness, adoption and utilization worldwide, and current advances in AI-powered home-based clinical diagnoses are making virtual care even more personalized and effective for a wider population, as well as more use cases.
"This new funding is a strong vote of confidence in our solution, and enables us to deliver comprehensive remote care to more patients and cutting-edge telehealth solutions to our partners faster.”
