Israeli telehealth platform for on-demand, remote medical examinations Tyto Care today announced that it has raised $50 million in a financing round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC with participation from previous investors. This brings the company's total funding to over $105 million.
The additional funding comes as Tyto Care enjoys swiftly rising demand with rapid global telehealth adoption, which saw sales triple last year.
The new funding will allow Tyto Care to continue to expand commercialization throughout the US, Europe and Asia as well as to introduce new advanced product capabilities including AI and machine learning-based home diagnostics solutions and other patented technologies.
As the worldwide Covid-19 crisis unfolds, hospitals and health organizations worldwide are 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 enables remote medical exams of the lungs, heart, throat and ears, among other things, allowing healthcare organizations to protect providers and avoid exposure during the coronavirus pandemic. 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 skyrocketing demand, Tyto Care is currently expediting production to fulfill three times more devices than originally forecasted for the coming quarters.
With offices in New York and Netanya, Tyto Care was founded by Dedi Gilad and Ofer Tzadik in 2012.
Gilad said, "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."
"The on-demand era has finally reached healthcare," said Jeff Horing, co-founder and Managing Director at Insight Partners. "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."
Published by Globes, Israel business news - www.globes-online.com - on April 7, 2020
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