Netanya, Israel-based device maker and telehealth provider Tyto Care brought in $9 million in additional strategic funding from Sanford Health, Itochu and Shenzhen Capital Group. The new backing extends a nearly $25 million Series C round led by Ping An Global Voyager Fund that was announced last year, and brings the round’s total to $33.5 million.
What they do
Tyto Care offers a remote consultation service, which it supports with a number of devices that are designed to better enable these virtual visits. Housed within the remote care kits sold to providers, insurers and consumers alike are a camera, a basal thermometer, an otoscope, a stethoscope and tongue depressor, all of which transmit a user’s specific biometrics to the physician. The calls themselves are handled through an app, and can yield a diagnosis, treatment plan and prescription if necessary.
What it’s for
According to a statement, the new funding will allow Tyto Care to continue pursuing plans for growing its telehealth business, which include expansion into Asian and European markets.
“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,” Dedi Gilad, CEO and cofounder of Tyto Care, said in a statement. “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.”
Market snapshot
Since the earlier part of Tyto Care’s Series C funding round last year, the company has made its interest in international markets clear. The service launched in Canada last summer after receiving approval from its government, and scored a CE Mark during the fall.
But while Tyto Care’s approach of pairing virtual care with purpose-built connected monitoring tools helps it stand apart from the crowd, it still has to contend with the larger and more established names in telehealth. American Well, Doctor on Demand, Teladoc, MDLive and HealthTap are all in higher demand, according to a report released last month.
On the record
“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,” Chairman Zewang Ni of Shenzhen Capital Group, said in a statement. “We are delighted to be joining Tyto Care as our partner as the company makes its way into the Asian market and beyond.”
