AAA TytoCare hikes series D up to $100m

TytoCare hikes series D up to $100m

US-based telehealth software provider TytoCare has added $50m from investors including Qualcomm Ventures, the corporate venturing arm of mobile semiconductor producer Qualcomm, to a series D round now totalling $100m.

Growth equity firm Insight Partners led the extension, while Tiger Global Management, Qumra Capital, Olive Tree Ventures and Shenzhen Capital Group also took part.

Qualcomm Ventures, Insight Partners and Olive Tree Ventures co-led the $50m first close in April 2020, participating alongside undisclosed existing investors. The company said the extension doubled its valuation compared to the April tranche.

TytoCare operates a telehealth platform that enables healthcare providers to conduct remote home examinations and diagnosis of patients. It has also developed a handheld medical device that can examine areas of the body including the heart, lungs, skin, ears, throat and abdomen.

The proceeds of the round will support the expansion of TytoCare’s services in the United States, Europe, and Asia. It has now raised $155m in total.

The company closed a $33.5m series C round in early 2019 backed by pharmacy operator Walgreens, diversified trading group Itochu, care providers Sanford Health and Cambia Health Solutions, pharmaceutical firm Shanghai Fosun Pharmaceuticals and insurance provider Ping An’s Global Voyager Fund.

The series C round also featured LionBird, Shenzhen Capital and Qure, a subsidiary of equity crowdfunding platform OurCrowd.

Cambia Health had led an $11m series B round for TytoCare in 2015 with participation from pharmaceutical producer Fosun Pharma, Walgreens and existing investors OrbiMed and LionBird. The company’s other existing backers include venture capital fund Teuza.