Tyto Care, a US-based developer of remote medical examination technology, has secured $25m in a funding round led by insurance group Ping An’s Global Voyager Fund.
The round included pharmacy chain Walgreens, health services provider Cambia Health Solutions, drug manufacturer Shanghai Fosun Pharmaceuticals, venture capital firm LionBird Venture Capital and Qure, a healthcare-focused fund launched by crowdfunding platform OurCrowd.
Founded in 2012, Tyto markets three telehealth products aimed respectively at patients, clinicians and healthcare service providers situated in remote locations.
The software facilitates appointments with physicians that can be conducted using video chat. It connects with a handheld inspection device that enables doctors to monitor vital patient indicators such as body temperature or heart rate.
Tyto plans to use the funding to enhance its product range and improve its cloud-based data analytics repository as it looks to expand in the US and fulfil international demand for its products, particularly in Europe and Asia.
China-headquartered Ping An has formed a strategic partnership with Tyto and will seek to bring the latter’s technology to China.
Dedi Gilad, Tyto’s co-founder and CEO, said: “We are very excited about our strategic partnership with Ping An, and the huge business opportunity it offers.
“Over the last nine months we have seen great traction with some of the largest hospitals and health systems in the US, and this investment will allow us to continue building upon our momentum to deliver the best telehealth experience to consumers.”
Cambia Health Solutions led the company’s $11 series B round in 2015, investing alongside Walgreens, Fosum Pharma, OrbiMed Advisors and LionBird, bringing its overall funding to $18.5m according to Geektime.
OrbiMed Israel Partners and LionBird had co-led a series A round for Tyto in 2014 reported by Fierce Medical Devices at the time as being $4m in size, though Geektime states the round was $6m, and followed a $1.5m seed round in 2012. VC fund Teuza is also among Tyto’s early investors.
– Image courtesy of TytoCare Ltd.