Israeli telehealth company Tyto Care has closed $9 million in additional funding from strategic investors including Sanford Health, Itochu and Shenzhen Capital Group. The additional funding is an expansion of Tyto Care's oversubscribed 2018 financing round led by Ping An Global Voyager Fund, leading Tyto to extend the round to include new strategic investors. This brings the total funds raised by the Netanya-based company in Series C to $33.5 million.
The latest funding recognizes the unique potential of Tyto Care's on-demand, remote telehealth solution to improve healthcare access and delivery in the US, Japan and China. As these populations continue to age, improving healthcare is a critical priority. Enabling remote examinations and telehealth visits is also crucial due to the large number of rural US, Chinese and Japanese communities with limited access to clinicians and specialists.
Tyto Care was founded by CEO Dedi Gilad and COO Ofer Tzadik and was selected by "Globes" as one of the most promising startup for 2016.
Following its FDA clearance, the launch of its product in the US in 2017 and its CE Mark and Health Canada approval in 2018, Tyto Care has gained significant traction with major health systems, telehealth companies, large private practices and employers. The additional funding will further enable Tyto's growth initiatives and global expansion plans as the company continues to expand with leading US partners and penetrate new markets beyond North America, including Asian and European markets.
Gilad said, "These strategic partnerships will enable us to gain further momentum and accelerate our growth, deepening our foothold in the US and other new strategic markets. This additional funding is a testament to the value of telehealth in the digital age, further enabling our unique solution to bring the best of remote, on-demand virtual care to consumers around the world."
"Tyto Care's mission of making high-quality healthcare accessible from the comfort of home is crucial, especially in China. We believe that telehealth will significantly improve the lives of Chinese consumers, whether they are parents with sick children at home, elderly patients facing chronic illnesses, or citizens living in remote areas with less access to medical care," said Chairman Zewang Ni of Shenzhen Capital Group. "We are delighted to be joining Tyto Care as our partner as the company makes its way into the Asian market and beyond."
Published by Globes, Israel business news - en.globes.co.il - on January 17, 2019
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