TytoCare Extends Series D Funding with Additional $50M for a Total of $100M Raised in 10 Months
NEW YORK, March 4, 2021 /PRNewswire/ -- TytoCare, the healthcare industry's first all-in-one modular device and telehealth platform for AI-powered, on-demand remote medical examinations, today announced that it has raised $50M in a significantly oversubscribed Series D extension round, doubling the company's valuation. This funding comes on the heels of TytoCare raising $50M in April 2020, making for $100M 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 $155M to date.
TytoCare is experiencing accelerated 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.
"We are excited to add TytoCare to our portfolio of outstanding growth companies," said Erez Shachar, Managing Partner at Qumra Capital. "Tyto's innovative technology and solutions take telemedicine to the next level, enabling remote care with clinical data clinicians can trust, benefitting patients and clinicians' experience alike. We are proud to have the opportunity to take part in their journey as they continue to revolutionize the global healthcare industry."
TytoCare is a telehealth company using AI to transform primary care by putting health in the hands of consumers. TytoCare 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 and insights for healthcare providers. Co-founded by Dedi Gilad and Ofer Tzadik in 2012, TytoCare has FDA and CE clearances and has partnered with over 100 major health systems, health plans, and strategic partners in the U.S., Europe, Asia, and Israel. To watch a demo video, click here.
For more information, please visit https://www.tytocare.com/.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Tiger Global
Tiger Global Management, LLC is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The Firm's private equity strategy was launched in 2003 and has invested in hundreds of companies across more than 30 countries, in all stages of funding – from Series A to pre-IPO. The venture business aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore.
About Qumra Capital
Qumra is Israel's leading growth capital provider. Founded in 2014, and managed by Boaz Dinte, Erez Shachar, Sivan Shamri Dahan and Daniel Slutzky, the Qumra portfolio includes top hyper growth technology companies led by exceptionally ambitious and visionary teams such as JFrog, AppsFlyer, Riskified and many more.