Healthtech startup Tyto Care scores $50M to expand its telehealth exam and diagnosis offering globally
Tyto Care, a New York-based healthtech startup and a mobile-health platform that allows anyone to perform self physical examination and remote diagnosis, has raised $50 million to continue to expand commercialization 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.
The over oversubscribed round was co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC, bringing the company’s total funding to over $105M. 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.
Founded in 2012 by Dedi Gilad and Ofer Tzadik in 2012, Tyto Care seamlessly connects people to clinicians to provide the best virtual home examination and diagnosis solutions. Its solutions are designed to enable a comprehensive medical exam from any location and include a hand-held, all-in-one tool for examining the heart, lungs, skin, ears, throat, abdomen, and body temperature; a complete telehealth platform for sharing exam data, conducting live video exams, and scheduling visits; a cloud-based data repository with analytics; and built-in guidance technology and machine learning algorithms to ensure accuracy and ease of use for patients using the device at home. The platform also allows for simple integration with electronic health records systems, third party exam tools, and other telehealth platforms.
Tyto Care has experienced double-digit telehealth utilization, over 10 times higher than standard virtual care programs, which see less than 5% utilization on average. In the wake of COVID-19, hospitals and health organizations 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.
Tyto Care’s solution enables remote medical exams of the lungs, heart, throat and ears, among other exams and vitals, allowing healthcare organizations to protect providers and avoid exposure during the COVID-19 pandemic. 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. To meet the skyrocketing demand, Tyto Care is currently expediting production to fulfill three times more devices than originally forecasted for the coming quarters.
“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,” said Dedi Gilad, Co-Founder and CEO of Tyto Care.
“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. 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.”
Tyto Care witnessed threefold growth in 2019 and is working with hundreds of hospitals and over 100 health organizations including health systems, payers and strategic partners, primarily in North America, Europe and Israel. The company served hundreds of thousands of patients and performed over 200,000 telehealth exams in 2019 alone, a testament to the growing adoption of its virtual medical exam solution as an efficient, convenient and high-quality means of delivering primary care.