Telehealth startup TytoCare announces $49 million in funding one month after cutting 10% of staff
Telehealth startup TytoCare announces $49 million in funding one month after cutting 10% of staff
The Israeli company’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor
TytoCare, which develops a digital device for remote medical testing and diagnosis, has raised $49 million in additional growth funding. This new investment brings the company’s total funding to $205 million to date. The round was led by global software investor Insight Partners, which also led TytoCare’s previous round. The round also includes new investors, including MemorialCare — a leading California health system — as well as two major pension funds, Healthcare of Ontario Pension Plan (HOOPP) and Clal.
The announcement of the funding comes one month after the company laid off 20 employees, around 10% of its total workforce of 200 people.
Founded in 2012 by Dedi Gilad and Ofer Tzadik, TytoCare’s device allows for accurate long-distance interaction between doctor and patient, helping health services provide data-driven healthcare, asynchronous services, virtual primary care, and remote monitoring.
TytoCare raised a $50 million Series D extension round in March 2021, 10 months after its previous round in which it also raised $50 million. The round was led by Insight Partners, with participation by Tiger Global and Qumra Capital. Previous investors include Olive Tree Ventures, Qualcomm Ventures LLC, and Shenzhen Capital Group Company.
“Virtual care has shown great promise, but audio-video options still fail to deliver the value of a doctor’s appointment and ultimately earn the trust of patients. As TytoCare continues to grow, we hope to help more people experience clinic-quality care from home, and help unlock the potential of remote care,” said Dedi Gilad, Co-Founder and CEO of TytoCare. “This new funding will allow us to deepen TytoCare’s offerings as we continue to roll out our Home Smart Clinic and develop next-generation AI capabilities.”
TytoCare’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor.
