- Tyto Care, an all-in-one modular device and telehealth platform, announced it raised $50 million
Tyto Care — an all-in-one modular device and telehealth platform for on-demand and remote medical examinations co-founded by Dedi Gilad and Ofer Tzadik in 2012 — announced it has raised $50 million in an oversubscribed round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC with participation from previous investors.
Including this round of funding, it brings the company’s total funding to over $105 million. And the additional funding comes as Tyto Care experiences surging demand with rapid global telehealth adoption, having seen 3 times growth in sales last year alone.
This funding will allow Tyto Care to continue to expand commercialization throughout the U.S., Europe, and Asia as well as to introduce new advanced product capabilities including artificial intelligence and machine learning-based home diagnostics solutions and other patented technologies.
Tyto Care has seen 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 have been 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 is known for enabling remote medical exams of the lungs, heart, throat, ears, and vitals thus allowing healthcare organizations to protect providers and avoid exposure during the COVID-19 pandemic. And 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 surge in demand, Tyto Care is currently expediting production to fulfill three times more devices than originally forecasted for the coming quarters.
Tyto Care saw 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.
And the company served hundreds of thousands of patients and performed over 200,000 telehealth exams last year alone.
Key Quotes:
“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.”
-Tyto Care co-founder and CEO Dedi Gilad
“The on-demand era has finally reached healthcare. 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.”
-Jeff Horing, co-founder and Managing Director at Insight Partners
“Olive Tree Ventures, a digital health fund, is ecstatic to partner with Tyto Care to accelerate the adoption of global telehealth solutions. We experienced first-hand the value of Tyto Care’s solution in the Israeli market. As digital health investors, we strongly believe in the promise of telehealth and are excited to collaborate with the visionary management at Tyto Care.”
-Amir Lahat, General Partner at Olive Tree Ventures
