Israeli telehealth startup TytoCare, which developed breakthrough technology for conducting remote medical examinations and telehealth services, announced that it added new investors to its latest funding round, bringing the total sum to $33.5 million.
TytoCare raised nearly $25 million last January in a funding round led by Ping An Global Voyager Fund, with participation from Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma and LionBird. This week, the company said it closed $9 million in additional funding from strategic investors including Sanford Health, Japan’s Itochu, and China’s Shenzhen Capital Group.
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“The additional funding recognizes the unique potential of Tyto Care’s on-demand, remote telehealth solution to improve healthcare access and delivery in the US, Japan and China,” the company said in a statement.
Founded in 2012, TytoCare specializes in telehealth, connecting people to clinicians to provide virtual home examination and diagnosis solutions. The company’s offerings include TytoHome for patients, TytoPro for professionals, and TytoClinic for remote point-of-care testing. It also has a complete telehealth platform, analytics, built-in guidance technology, and machine learning algorithms.
TytoCare has FDA clearance and launched its products in the US in 2017. It also has a CE mark for Europe and gained Health Canada approval in 2018. In tecent years, the company has gained significant traction with major health systems, telehealth companies, large private practices and employers.
TytoCare said in a statement that the additional funding “will further enable Tyto’s growth initiatives and global expansion plans as the company continues to expand with leading US partners and penetrate new markets beyond North America, including Asian and European markets.”
“This additional funding is a testament to the value of telehealth in the digital age, further enabling our unique solution to bring the best of remote, on-demand virtual care to consumers around the world,” said TytoCare CEO Dedi Gilad.
“TytoCare’s mission of making high-quality healthcare accessible from the comfort of home is crucial, especially in China,” said Chairman Zewang Ni of Shenzhen Capital Group. “We believe that telehealth will significantly improve the lives of Chinese consumers, whether they are parents with sick children at home, elderly patients facing chronic illnesses, or citizens living in remote areas with less access to medical care.”