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Israeli telehealth platform TytoCare raises $50m

  • March 04, 2021

Israeli telehealth platform for AI-powered, on-demand remote medical examinations TytoCare today announced that it has raised $50 million in an oversubscribed Series D extension round, doubling the company’s valuation. This funding comes on the heels of TytoCare raising $50 million in April 2020, and the company has now raised $155 million. Doubling down on its previous investment, Insight Partners led the extension 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.

TytoCare is seeing rapid growth growth due to accelerated telehealth adoption worldwide 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 150% increase in revenue.

TytoCare was a promising company even before the Covid-19 pandemic pushed more activities online. 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.

The funding will allow TytoCare to continue to expand the availability of its full-stack telehealth and remote examination platform throughout the US, 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 founded in 2012 by CEO Dedi Gilad and COO Ofer Tzadik.

Gilad said, “TytoCare was on a strong growth trajectory long before COVID-19, and last year we experienced even more immense growth amidst surging demand. 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.”

Published by Globes, Israel business news – en.globes.co.il – on March 4, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021


Article source: https://en.globes.co.il/en/article-1001362937#utm_source=RSS

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