TytoCare, an Israeli-based telehealth company has raised $25 million led by Ping An Global Voyager Fund with participation from new and existing investors. The growth round also includes new participants like Qure, Israel’s first exclusively-focused digital health fund, established with Johns Hopkins University. As part of the oversubscribed round, Tyto Care has the option to expand funding to $28 million in the next few months.
The company plans to use the funds to help TytoCare fulfill the demand for its products outside the US and penetrate both the European and Asian markets. As part of this funding, Ping An and TytoCare will form a strategic partnership to implement Tyto into Ping An’s offerings in the Chinese market.
Founded in 2012, TytoCare has three telehealth products: TytoHome™ for consumers, TytoPro™ for professionals, and TytoClinic™ for remote point-of-care locations. Tyto Care’s advanced cloud telehealth platform and handheld device are designed to replicate a face-to-face clinician visit and include a hand-held modular examination tool for examining the heart, lungs, skin, throat, ears 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. Its accompanying EHR integrated cloud platform will enable patients, physicians and healthcare organizations to seamlessly and securely share the data the TytoCare device collects.
Following its FDA clearance in late 2016, and the launch of its products in the United States in early 2017, TytoCare has gained significant traction with major US health systems, telehealth companies, large private practices and employers. TytoCare will use the additional funding to continue its expansion in the US market and enhance its product offerings and smart data analytics to empower both clinicians and consumers doing telehealth.
“We are very excited about our strategic partnership with Ping An, and the huge business opportunity it offers. Over the last nine months we have seen great traction with some of the largest hospitals and health systems in the US, and this investment will allow us to continue building upon our momentum to deliver the best telehealth experience to consumers,” said Dedi Gilad, Co-Founder and CEO of Tyto Care in a statement. “This new investment by Ping An, the number one insurance group by market capitalization globally, and one of the largest investment and asset management companies in the world, will enable us to fulfill the promise of transforming primary care and expand the reach of telehealth into more homes around the world.”
