Israel-based telehealth provider and device maker Tyto Care has raised $25 million in Series B funding, the company announced today.
The round was led by Ping An Insurance Group Company of China’s Global Voyager Fund, as well as a collection of new and returning investors. Included among those returning are Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma, and LionBird, whereas Israeli digital health fund Qura and Ping An join as new investors.
“There is no denying that the traditional healthcare experience, built around in-person doctor visits, has room for improvement with today’s advanced technologies,” Dedi Gilad, cofounder and CEO of Tyto Care, told MobiHealthNews in an email. “Our recent funding, and the growth of the telehealth market globally, signals that the market is confident in telehealth’s ability to transform the patient experience, and demonstrates the market's trust in our unique technology, which enables more adoption and usage of telehealth and delivers the on-demand service consumers have come to expect.”
This funding will be used to build upon the company’s product offerings and analytics, continue rollout within the US market, and potentially expand to European and Asian markets, according to the company’s statement. Tyto Care will also be joining a strategic partnership with Ping An to bring the telehealth products into Chinese markets, and has the option to expand this funding to $28 million within the next few months.
“We are proud to be bringing telehealth to more homes, extending the reach of the clinician without sacrificing quality of care,” Gilad said. “We plan to further expand across the US and hope to enter the European and Asian markets, enabling more and more consumers to connect with their doctors from the comfort of home.”
Tyto Care’s telehealth products — which include a digital, connected stethoscope cleared by the FDA in 2016 — launched within the US in early 2017. These devices are designed to better facilitate telehealth visits by providing remote practitioners with specific biometrics, thereby reducing the need for symptom-based guesswork when making a diagnosis. Tyto Care markets the products to providers, insurers, and consumers.
“Tyto Care is a high-quality firm with a unique end-to-end solution in home telehealth care,” Jonathan Larsen, chief innovation officer of Ping An Group as well as the chairman and CEO of Ping An Global Voyager Fund, said in a statement. “We are delighted to be their lead investor in this funding round and to have Tyto Care as our strategic partner in China.”