Total amount raised
$205.7 Millions
Latest funding date
8/1/2023
Location
TytoCare has successfully raised significant funding through multiple rounds, with the latest being a Series E round. The telehealth platform specializes in AI-powered and on-demand remote medical examinations.
Keep reading to explore the intricacies of TytoCare's fundraising journey and the investors backing this innovative platform.
What Is TytoCare?
TytoCare, founded in 2011 by Dedi Gilad, is a telehealth platform based in New York, New York. The company specializes in AI-powered and on-demand remote medical examinations, offering products like TytoHome and TytoPro.
With a team of 101-250 employees, TytoCare aims to replicate in-person clinician visits through its innovative tools. These tools allow for the examination of the heart, lungs, skin, throat, ears, and body temperature remotely.
TytoCare's solutions are designed to make quality primary care accessible from home or any community site, leveraging AI-enabled, data-driven technology to ensure accurate and efficient healthcare delivery.
How Much Funding Has TytoCare Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: July 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype and validate the concept of remote medical examinations.
- Series A
- Amount Raised: $7M
- Date: March 2014
- Lead Investors: LionBird, OrbiMed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and further develop the technology for market readiness.
- Series B
- Amount Raised: $12.1M
- Date: July 2015
- Lead Investors: Cambia Health Solutions, Teuza
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and begin initial market penetration.
- Series C
- Amount Raised: $27.1M
- Date: January 2018
- Lead Investors: Ping An
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand into new markets.
- Series C
- Amount Raised: $9M
- Date: January 2019
- Lead Investors: Ping An Global Voyager
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Series D
- Amount Raised: $50M
- Date: April 2020
- Lead Investors: Insight Partners, OTV, Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance AI capabilities.
- Series D
- Amount Raised: $50M
- Date: March 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product line and increase market share.
- Series E
- Amount Raised: $49M
- Date: August 2023
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI in diagnostic support and expand chronic care offerings.
TytoCare has raised a total of $205.7M. The current valuation is not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm. They focus on growth-stage software and internet businesses.
- Investment Focus Areas: Software, internet, technology.
- Notable Investments: Twitter, Shopify, DocuSign.
- Ping An
- Details: Ping An is a Chinese holding conglomerate known for its insurance, banking, and financial services. It is one of the largest financial services companies in the world.
- Investment Focus Areas: Insurance, banking, healthcare.
- Notable Investments: Lufax, OneConnect, Ping An Good Doctor.
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated. They invest in innovative technology companies.
- Investment Focus Areas: Mobile technology, AI, IoT.
- Notable Investments: Zoom, Waze, Fitbit.
- Cambia Health Solutions
- Details: Cambia Health Solutions is a nonprofit total health solutions company. They focus on transforming healthcare to be more person-focused and economically sustainable.
- Investment Focus Areas: Healthcare, health insurance, wellness.
- Notable Investments: GNS Healthcare, Wildflower Health, True Link Financial.
- OrbiMed
- Details: OrbiMed is a leading investment firm dedicated to the healthcare sector. They manage a range of private equity funds, public equity funds, and royalty opportunities.
- Investment Focus Areas: Biopharmaceuticals, medical devices, healthcare services.
- Notable Investments: Intarcia Therapeutics, Alector, Reata Pharmaceuticals.
What's Next for TytoCare?
TytoCare stands at the cusp of significant growth opportunities, particularly in the realm of AI-enhanced diagnostic support and chronic care management. The Home Smart Clinic, which replicates a doctor's office at home, is poised to revolutionize how chronic conditions like asthma are managed, addressing a market that incurs over $50 billion annually in costs. This innovation aligns with the broader industry trend of shifting healthcare outside traditional clinical settings, making quality care more accessible.
Future fundraising appears promising, with strong backing from investors like Insight Partners and MemorialCare. These funds will likely be channeled into further developing AI capabilities and expanding the Home Smart Clinic’s offerings. However, TytoCare must navigate challenges such as ensuring the reliability of AI diagnostic tools and maintaining patient trust in virtual care solutions. Regulatory hurdles and competition from other telehealth providers also pose potential obstacles.
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