NEW YORK — TytoCare, the healthcare industry’s first all-in-one modular device and telehealth platform for AI-powered, on-demand remote medical examinations, says it has raised $50 million in a significantly oversubscribed Series D extension round, doubling the company’s valuation.
This funding comes on the heels of TytoCare raising $50 million in April 2020, making for $100 million raised over the last 10 months. Doubling down on its previous investment, Insight Partners led the extension with participation from new growth investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company, bringing the company’s total funding to $155 million to date.
TytoCare is reporting strong 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. In 2020 alone, TytoCare experienced a 2.5X increase in revenue.
The funding will allow TytoCare to continue to expand the availability of its full-stack telehealth and remote examination platform throughout the U.S., Europe, and Asia, as well as to make further inroads into the global healthcare payer market. The company also 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.
“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.”
TytoCare brings its partners unique ROI and experiences double-digit telehealth utilization, over 5X higher than standard virtual care solutions – both before and during the COVID-19 pandemic. 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.
“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. “We are thrilled to be investing further in TytoCare and to continue to work with the company as it scales its solution and leads the pack with innovative advances in virtual care.”
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.