Telehealth startup TytoCare announces $49 million in funding one month after cutting 10% of staff
The Israeli company’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor
TytoCare, which develops a digital device for remote medical testing and diagnosis, has raised $49 million in additional growth funding. This new investment brings the company’s total funding to $205 million to date. The round was led by global software investor Insight Partners, which also led TytoCare’s previous round. The round also includes new investors, including MemorialCare — a leading California health system — as well as two major pension funds, Healthcare of Ontario Pension Plan (HOOPP) and Clal.
Full list of Israeli high-tech funding rounds in 2023
The announcement of the funding comes one month after the company laid off 20 employees, around 10% of its total workforce of 200 people.
Founded in 2012 by Dedi Gilad and Ofer Tzadik, TytoCare’s device allows for accurate long-distance interaction between doctor and patient, helping health services provide data-driven healthcare, asynchronous services, virtual primary care, and remote monitoring.
TytoCare raised a $50 million Series D extension round in March 2021, 10 months after its previous round in which it also raised $50 million. The round was led by Insight Partners, with participation by Tiger Global and Qumra Capital. Previous investors include Olive Tree Ventures, Qualcomm Ventures LLC, and Shenzhen Capital Group Company.
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“Virtual care has shown great promise, but audio-video options still fail to deliver the value of a doctor’s appointment and ultimately earn the trust of patients. As TytoCare continues to grow, we hope to help more people experience clinic-quality care from home, and help unlock the potential of remote care,” said Dedi Gilad, Co-Founder and CEO of TytoCare. “This new funding will allow us to deepen TytoCare’s offerings as we continue to roll out our Home Smart Clinic and develop next-generation AI capabilities.”
TytoCare’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor.
