Total amount raised
$205.7 Million
Latest funding date
8/1/2023
Location
TytoCare has successfully raised funds through eight different rounds, with the most recent being a Series E round led by Insight Partners. The telehealth platform specializes in AI-powered and on-demand remote medical examinations, attracting a total of 22 investors, including the Healthcare of Ontario Pension Plan (HOOPP).
Keep reading to explore the intricacies of TytoCare's fundraising journey and the investors backing this innovative platform.
What Is TytoCare?
TytoCare is a telehealth company based in New York, United States, specializing in AI-powered and on-demand remote medical examinations. Founded in 2012, the company operates in various industries, including artificial intelligence, health care, and telehealth.
With an employee count ranging from 101 to 250, TytoCare offers innovative solutions like the Home Smart Clinic and Pro Smart Clinic, enabling families to access high-quality healthcare from their homes. The company aims to bridge care gaps and improve patient outcomes through its advanced technology and strong collaborations with healthcare organizations.
How Much Funding Has TytoCare Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: July 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype and launch the telehealth platform.
- Series A
- Amount Raised: USD 7,000,000
- Date: March 2014
- Lead Investors: LionBird, OrbiMed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: USD 12,100,000
- Date: July 2015
- Lead Investors: Cambia Health Solutions, Teuza
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: USD 27,100,000
- Date: January 2018
- Lead Investors: Ping An
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI capabilities and expand product offerings.
- Series C
- Amount Raised: USD 9,000,000
- Date: January 2019
- Lead Investors: Ping An Global Voyager
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the Home Smart Clinic and Pro Smart Clinic solutions.
- Series D
- Amount Raised: USD 50,000,000
- Date: April 2020
- Lead Investors: Insight Partners, OTV, Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new geographical regions.
- Series D
- Amount Raised: USD 50,000,000
- Date: March 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance AI diagnostic tools.
- Series E
- Amount Raised: USD 49,000,000
- Date: August 2023
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop AI in diagnostic support and advance the Home Smart Clinic’s capabilities.
Total Amount Raised: USD 206,600,000. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global software investor that has led multiple funding rounds for TytoCare, including the Series E round. They focus on growth-stage companies and have a strong track record in the technology sector.
- Investment Focus Areas: Software, technology, growth-stage companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Healthcare of Ontario Pension Plan (HOOPP)
- Details: HOOPP is a significant pension fund based in Ontario, Canada, known for its diverse investment portfolio. They have invested in TytoCare to support its innovative telehealth solutions.
- Investment Focus Areas: Real estate, infrastructure, private equity.
- Notable Investments: Various sectors including healthcare, real estate, infrastructure projects.
- MemorialCare
- Details: MemorialCare is a leading health system in California, providing comprehensive healthcare services. They have invested in TytoCare to enhance virtual care solutions.
- Investment Focus Areas: Healthcare services, healthcare systems.
- Notable Investments: Healthcare infrastructure and services within California.
- Clal
- Details: Clal is a significant pension fund with a broad investment portfolio. They have supported TytoCare's growth in the telehealth sector.
- Investment Focus Areas: Healthcare, technology, financial services.
- Notable Investments: Investments in healthcare, technology, financial services sectors.
- Cambia Health Solutions
- Details: Cambia Health Solutions is a health solutions company that focuses on transforming healthcare. They have invested in TytoCare to help scale its operations and enter new markets.
- Investment Focus Areas: Healthcare, health technology, health services.
- Notable Investments: Various health technology and service companies.
What's Next for TytoCare?
TytoCare stands at the cusp of significant growth opportunities, particularly in expanding its AI capabilities for diagnostic support and remote exam assistance. The Home Smart Clinic, which replicates a doctor's office at home, is poised to address chronic conditions like asthma, a market with substantial demand and financial implications. The recent $49 million funding round underscores the potential for further investment to enhance these offerings.
Future fundraising efforts are likely to attract investors interested in value-based care and innovative healthcare solutions. As TytoCare continues to develop its AI and diagnostic tools, the company may also explore strategic partnerships or acquisitions to bolster its technology and market reach.
However, challenges such as competition from other telehealth providers, regulatory compliance, and maintaining trust with patients and healthcare providers could pose hurdles. Navigating these challenges will be crucial for TytoCare to sustain its growth and capitalize on the burgeoning virtual care market.
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