Tyto Care, an on-demand telehealth company, extended Series D funding with an additional $50 million for a total of $100 million raised in ten months. The latest funding comes on the heels of TytoCare raising $50 million in Series D round in April 2020.
Insight Partners led the extension with participation from new growth investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures, Olive Tree Ventures, and Shenzhen Capital Group Company.
Including the latest funding round, TytoCare has raised $155 million to date. TytoCare says the funds will allow the company to continue to expand the availability of its full-stack telehealth and remote examination platform throughout the U.S., Europe, and Asia, as well as to make further inroads into the global healthcare payer market.
With new funds, the company also plans to introduce new advanced product capabilities, including AI and machine learning-based home diagnostics solutions and other patented technologies, following its recently launched AI-powered diagnostic support solution.
TytoCare develops a handheld app-connected at-home medical exams test kit and a clinician dashboard. Its app connects patients with healthcare professionals to receive a diagnosis, treatment plan, and prescriptions – all without leaving their homes. Its solution enables remote medical exams of the heart, lungs, skin, ears, throat, abdomen, and body temperature, among other exams and vitals, allowing healthcare organizations to protect providers and avoid exposure during the COVID-19 pandemic.
TytoCare performed over 650,000 telehealth examinations in 2020, has partnered with over 150 health organizations and insurers, according to the company. The company’s telehealth solution is used by more than 6,000 clinicians currently.
“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, Co-Founder, and CEO of TytoCare.
Dedi Gilad said: “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. It enables us to deliver comprehensive remote care to more patients and cutting-edge telehealth solutions to our partners faster.”
Telehealth companies secured a record $4.3 billion VC funding during 2020. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019. Learn more