Tyto Care, the healthcare industry’s all-in-one modular device and telehealth platform for on-demand and remote medical examinations has announced that it has raised $50 million in an oversubscribed round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC. This round brings the company’s total funding to over $105 million.
The additional funding comes as Tyto Care experiences surging demand with rapid global telehealth adoption, having witnessed 3X growth in sales in 2019 alone.
Previous investors including Orbimed, Echo Health, Qure, Teuza and others also participated in the round.
The funding will allow Tyto Care to continue to expand commercialisation throughout the U.S., Europe and Asia as well as to introduce new advanced product capabilities including AI and machine learning-based home diagnostics solutions and other patented technologies.
Tyto Care has experienced double-digit telehealth utilisation, over 10 times higher than standard virtual care programs, which see less than 5% utilisation on average.
In the wake of COVID-19, hospitals and health organisations around the world are further expanding their use of Tyto Care’s telehealth solution to remotely examine quarantined patients in hospitals and isolated patients at home.
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Dedi Gilad, Co-Founder and CEO of Tyto Care said: “Over the past two years, Tyto Care has increased momentum faster than ever before and is playing a leading role in changing how people receive healthcare. 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.
“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. We look forward to further expanding the reach of telehealth and introducing new solutions as demand for remote care continues to soar.”
“The on-demand era has finally reached healthcare,” said Jeff Horing, co-founder and Managing Director at Insight Partners.
“As a partner that empowers fast-growing ScaleUp software companies transforming daily life, we are excited to work with Tyto Care to help usher in the next generation of healthcare.”
“Olive Tree Ventures, a digital health fund, is ecstatic to partner with Tyto Care to accelerate the adoption of global telehealth solutions. As digital health investors, we strongly believe in the promise of telehealth and are excited to collaborate with the visionary management at Tyto Care,” added Amir Lahat, General Partner, Olive Tree Ventures.