AI powered, on-demand remote medical exam firm TytoCare has recently raised and additional $50 million in an oversubscribed series D funding round.
Led by Insight Partners and joined by new major growth investors Tiger Global and Qumra Capital, this $50 million doubles the company’s valuation, as just 10 months prior, TytoCare raised a previous $50 million. Existing investors Qualcomm Ventures, Olive Tree Ventures, and Shenzhen Capital Group Company also participated, bringing the company’s total fundraising to $155 million to date.
This new round of funding is expected to be used to push Tytocare further into the US market, as well as make waves on European and Asian shores.
As with many, if not all things digital, the global pandemic has rapidly increased the need and adoption of remote medical services. When combined with the healthcare industry’s shift towards data-driven healthcare, asynchronous services, virtual primary care, and remote monitoring, TytoCare finds itself in a prime position. So much so that the company is reporting a 2.5x increase in revenue in 2020.
“TytoCare was on a strong growth trajectory long before COVID-19, and last year we experienced even more immense growth amidst surging demand,” said Dedi Gilad, Co-Founder and CEO of TytoCare. “The pandemic significantly accelerated telehealth awareness, adoption, and utilization worldwide, and current advances in AI-powered home-based clinical diagnoses are making virtual care even more personalized and effective for a wider population, as well as more use cases.”
TytoCare has partnered with over 150 leading health organizations and insurers worldwide, with more than 6,000 clinicians currently using the telehealth solution. In 2020, TytoCare performed over 650,000 telehealth examinations globally.