Telehealth company TytoCare closes another $50 million funding round
Israeli firm says it has doubled its valuation 10 months after raising $50 million in its previous round
One of the sectors that has been completely revolutionized by the Covid-19 pandemic has been the healthcare sector. The world quickly adopted digital health and remote healthcare solutions over the past year and companies that were active in the sector received a significant boost. One such company is Israel's TytoCare, which announced on Thursday the completion of a $50 million series D extension round, claiming it doubled its valuation without revealing the valuation figure, 10 months after its previous round in which it also raised $50 million. The round was led by U.S. VC Insight Partners, with participation by Tiger Global and Qumra Capital. Previous investors include Olive Tree Ventures, Qualcomm Ventures LLC and Shenzhen Capital Group Company. The new round takes TytoCare's total funding to date to $155 million.
Founded in 2012 by Dedi Gilad and Ofer Tzadik, TytoCare is based in the central Israeli city of Netanya. The company develops a digital device for remote medical testing and diagnosis that allows for accurate long-distance interaction between doctor and patient. TytoCare is experiencing accelerated growth due to rapid global telehealth adoption as well as healthcare organizations’ growing shift to new modalities of care, including data-driven healthcare, asynchronous services, virtual primary care, and remote monitoring. The company stated that it has seen its revenue grow by 250% over the past year.
TytoCare CEO Dedi Gilad. Photo: TytoCare
“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. “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.”
In the wake of the pandemic, hospitals, insurers, and health systems around the world are further expanding their use of TytoCare’s telehealth solution to enable the best quality remote primary care, chronic care, remote monitoring, and more. To date, TytoCare has partnered with over 150 leading health organizations and insurers worldwide, with more than 6,000 clinicians currently using the telehealth solution. In 2020 alone, the company performed over 650,000 telehealth examinations globally.
“TytoCare sets itself apart in the telehealth market by providing patients, clinicians, and healthcare organizations worldwide with a unique end-to-end solution that goes far beyond the average video visit, with clinic-quality examinations and AI-powered diagnostic capabilities,” said Jeff Horing, co-founder and Managing Director, Insight Partners.
Erez Shachar, Managing Partner at Qumra Capital, added: “Tyto’s innovative technology and solutions take telemedicine to the next level, enabling remote care with clinical data clinicians can trust, benefiting patients and clinicians’ experience alike. We are proud to have the opportunity to take part in their journey as they continue to revolutionize the global healthcare industry.”