Israeli telehealth firm Tyto Care has raised $50 million in a Series D extension round, doubling its valuation and raising a total of $100 million over the last 10 months, the company announced on Thursday.
The infusion of capital comes on the heels of a $50 million funding round raised by Tyto Care in April 2020.
The extension round was led by Insight Partners, with participation from new growth investors Tiger Global Management, Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company.
The healthcare firm has raised $155 million to date.
The funding will enable Tyto Care to continue to expand the availability of its full-stack telehealth and remote examination platform throughout the US, Europe, and Asia, the company said. It will also help the company make further inroads into the global healthcare payer market.
Founded in 2012, Tyto Care offers a remote examination tool and telehealth platform that enables a complete examination of the heart, lungs, skin, throat, and ears, including temperature readings, anywhere at any time.
Last year, the Israeli telehealth firm that expanded the production of its remote medical testing devices to meet the demand of healthcare organizations as they battle the coronavirus pandemic.
The company 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.
“Tyto Care 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. “We are thrilled to be investing further in Tyto Care and to continue to work with the company as it scales its solution and leads the pack with innovative advances in virtual care.”
Tyto Care 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.
“Tyto Care 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 Tyto Care. “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.”