TytoCare, a telehealth startup that has developed an artificial intelligence-based device that enables clinicians to perform remote medical examinations, said Thursday it has raised $50 million in an extension to its Series D fundraising round, doubling the company’s valuation.
This funding comes on the heels of TytoCare raising $50 million in April 2020, bringing the money raised over the last 10 months to $100 million, the startup said in a statement.
Existing investor Insight Partners led the extension round with participation from new investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company. With the added funding TytoCare has raised a total of $155 million from investors to date.
Amid the social distancing requirements of the coronavirus pandemic, TytoCare has seen rapid growth in demand for its telehealth kits with healthcare organizations, hospitals, and insurers around the world encouraging the use of TytoCare’s product for virtual care and remote monitoring. In 2020 alone, TytoCare experienced a 2.5-fold jump in revenue, the statement said.
The handheld device developed by the firm for remote medical exams has attachments that can examine heart, lungs, skin, ears, throat and abdomen, as well as measure body temperature, allowing users to perform comprehensive medical exams and send the captured exam data to one of TytoCare’s healthcare provider partners for diagnosis of acute care situations. Users can connect with a provider 24/7/365, no matter their location, according to the company.
Hospital and health organizations in the US, Europe and Israel have expanded their use of TytoCare’s products to remotely examine and diagnose quarantined patients and isolated patients at home, providing health professionals the clinical data required to make treatment decisions from a safe distance and minimizing physical contact to help stem the spread of COVID-19. In Israel, TytoCare has been deployed in nearly every hospital nationwide, the company said.
The new funds will allow TytoCare to continue to expand sales in the US, Europe, and Asia. The company also plans to introduce added AI and machine learning-based home diagnostics solutions and other patented technologies, the statement said.
“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.”
TytoCare, which has obtained FDA and CE clearances, has partnered with over 150 health organizations and insurers worldwide, and strategic partners in the US, Europe, Asia and Israel. More than 6,000 clinicians currently use the telehealth solution and in 2020, the company performed over 650,000 telehealth examinations globally, the statement said.
“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 of Insight Partners, in the statement.
The Netanya, Israel-based startup was co-founded by Gilad and Ofer Tzadik in 2012.