Israeli telehealth firm Tyto Care has raised an additional $50 million in a funding round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC, bringing the company’s total funding to over $105 million. Existing investors Orbimed, Echo Health, Qure, Teuza also participated in the round.
Tyto Care said the additional funding comes as it is experiencing surging demand with rapid global telehealth adoption, having witnessed three times the growth in sales in 2019 alone.
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Late last month, Tyto Care announced that it was expanding the production of its remote medical testing devices to meet the demand of healthcare organizations as they battle the coronavirus pandemic. The company said hospitals and health organizations in the US, Europe and Israel were expanding their use of its telehealth solutions to remotely examine and diagnose quarantined and isolated patients. Tyto’s handheld devices that examine the heart, lungs, skin, ears, throat and abdomen, as well as measure body temperature, provide health professionals with the clinical data required to make informed treatment decisions while minimizing physical contact.
It also enables families and the general population to receive care without entering medical facilities, preventing the spread of the virus and significantly reducing the increased burden on already overworked health organizations, the company noted.
The funding, Tyto said in a statement, will allow it to continue to expand commercialization throughout the US, Europe and Asia, and introduce new advanced product capabilities including AI and machine learning-based home diagnostics solutions.
“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,” said Dedi Gilad, co-founder and CEO of Tyto Care. “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.”
“The on-demand era has finally reached healthcare,” said Jeff Horing, co-founder and Managing Director at Insight Partners. “Adoption of telehealth is at an all-time high and as the only solution on the market with diagnostic capabilities that can deliver clinic-quality remote care, Tyto Care is significantly disrupting the health ecosystem.”
“We experienced first-hand the value of Tyto Care’s solution in the Israeli market. As digital health investors, we strongly believe in the promise of telehealth and are excited to collaborate with the visionary management at Tyto Care,” said Amir Lahat, General Partner at Olive Tree Ventures.
Gilad co-founded Tyto Care alongside Ofer Tzadik in 2012, after spending many days and nights in emergency care as a parent of young children.
The company’s TytoHome platform for home use was named as one of TIME Magazine’s top inventions for 2019 in the “health category.” The device allows users to perform comprehensive medical exams and send the information to a primary care provider.