Tyto Care, a telehealth company, announced on Monday it raised $25 million in its most recent round led by Ping An Global Voyager Fund and including both new and existing investors. According to Tyto Care, Ping An joins a large list of strategic investors already backing the company, including Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma and LionBird. The growth round also included new participants like Qure, Israel’s first exclusively-focused digital health fund, established with Johns Hopkins University. As part of the oversubscribed round, Tyto Care has the option to expand funding to $28 million in the next few months.
Following its FDA clearance in late 2016 and the launch of its products in the U.S. in early 2017, Tyto Care has gained significant traction with major US health systems, telehealth companies, large private practices, and employers.
“TytoCare is introducing two telehealth products. TytoHome is a remote examination tool and telehealth platform that connects consumers to clinicians to enable a comprehensive medical examination (ears, nose, throat, lungs, heart and temperature) anytime and anywhere. TytoPro is a professional examination tool and telehealth platform that connects medical practitioners to each other to share remote exam data, conduct a specialist consultation, or get a second opinion. TytoPro can also be used in-office to share images with patients to explain diagnoses and motivate treatments.”
Dedi Gilad, Co-Founder and CEO of Tyto Care, stated:
“We are very excited about our strategic partnership with Ping An, and the huge business opportunity it offers. Over the last nine months we have seen great traction with some of the largest hospitals and health systems in the US, and this investment will allow us to continue building upon our momentum to deliver the best telehealth experience to consumers. This new investment by Ping An, the number one insurance group by market capitalization globally, and one of the largest investment and asset management companies in the world, will enable us to fulfill the promise of transforming primary care and expand the reach of telehealth into more homes around the world.”
“Tyto Care is a high-quality firm with a unique end-to-end solution in home telehealth care. We are delighted to be their lead investor in this funding round and to have Tyto Care as our strategic partner in China.”
Dr. Marco D. Huesch, the Fund’s Chief Medical Officer at Ping An, added
“This market-leading innovation is clearly differentiated by its AI-enabled guidance algorithms which allow users to self-acquire high quality images suitable for clinician diagnosis, and by its modular platform allowing integration into cloud-based electronic health record systems.”
Tyto Care revealed it will use the additional funding to continue its expansion in the US market and enhance its product offerings and smart data analytics to empower both clinicians and consumers doing telehealth. The funds will also help Tyto Care fulfill the demand for its products outside the US and penetrate both the European and Asian markets. As part of this funding, Ping An and Tyto Care will form a strategic partnership to implement Tyto into Ping An’s offerings in the Chinese market.
As previously reported, the Ping An Global Voyager Fund was launched in 2017 with a mission to invest in world class FinTech and digital health capabilities. Ping An notably has seeded the fund with an initial $1 billion in committed capital. The fund’s investment areas include core banking, insurance and healthcare technologies, innovative digital business models, unique customer experiences, and AI.