TytoCare announced late January 2018 the closing if a US$25 million (€20m) round of funding to support its expansion into China and build its customer base on the US market.
Based in the United States and Israel, TytoCare develops integrated telehealth solutions to connect people to clinicians in order to provide efficient home examination and diagnosis solutions. Its offering includes TytoHome, which offers consumers a telemedicine service, and TytoPro, designed to make it easier for healthcare professionals to communicate with each other.
TytoCare joins forces with Chinese eHealth leader Ping An
Global Voyager Fund, a subsidiary of Chinese insurer Ping An, led the round. This strategic investment will help TytoCare to enter the Chinese market. Ping An is one of the leaders in the health tech market in China. The group is the owner of the successful telemedicine platform Good Doctor.
TytoCare has raised more than US$45 million since its establishment
Established investors in TytoCare include nonprofit health insurance corporation Cambia Health Solutions (USA), online pharmacy Walgreens (US), healthcare-dedicated investment firm OrbiMed (USA), the pharmaceutical company Fosun Pharma (China) and venture capital firm LionBird (Israel) as well as a new investor, OurCrowd Qure, Israel’s first digital fund focused on healthcare, which has also established a partnership with the American private university Johns Hopkins.
With this new fundraising, TytoCare has raised more than USD45 million (€36m) to date, a spokeswoman for the company confirmed (source: Medcitynews.com).
Marco Huesch has been appointed chief medical officer of this fund, which will focus on start-ups specialized in health technologies but also in fintech. Mr. Huesch previously worked as vice chair of research at Penn State Hershey Medical Center (USA), where he also served as an associate professor.
Many investments in Israeli start-ups
The investments will target different companies in the health tech sector including medical imaging analysis business Zebra Medical (Israel), genetic testing company KolGene (Israel) and diabetes management business DarioHealth (United States and Israel).
Data analysis: the group will expand its offer to improve its capabilities
The fund will also be used to support TytoCare’s expansion in the United States and potentially expand its business to European and Asian markets. In 2016, the company received FDA clearance for its digital stethoscope, which was launched in the US market last year.
CEO and founder of TytoCare Dedi Gilad told Medcitynews.com that the firm’s current focus in the US market is on self-insured employers.
The company wants to add more exams to bring more use cases to telehealth and correlate those exams to specific patients and expand the company’s capabilities on the analytics side.