Tyto Care, a modular device and telehealth platform provider, has secured $50m in a funding round, co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures.
The investment round, which was also participated by the previous investors, takes the total funding raised by the company to $105m.
The additional funding cones at a time when the company is witnessing an increasing demand and rapid adoption of its telehealth solution across the world.
Insight Partners co-founder and managing director Jeff Horing said: “Adoption of telehealth is at an all-time high and as the only solution on the market with diagnostic capabilities that can deliver clinic-quality remote care, Tyto Care is significantly disrupting the health ecosystem.”
Tyto Care will prevent healthcare providers from COVID-19 exposure
The funding is expected to support the company’s commercialisation throughout the US, Europe and Asia.
It will also help the firm in launching new advanced product capabilities including AI and machine learning-based home diagnostics solutions and other patented technologies.
Tyto Care said that during the COVID-19 pandemic, hospitals and health organisations across the world are expanding their use of telehealth solutions to remotely examine quarantined patients in hospitals and isolated patients at home.
The company claimed that its offerings will allow healthcare firms to protect providers and avoid exposure during the COVID-19 pandemic, through enabling the remote medical exams of lungs, heart, throat and ears, among other exams and vitals.
In addition, the solutions will also enable the general population to receive care without entering medical facilities, to prevent the spreading of virus and reduce the burden on healthcare facilites.
Tyto Care co-founder and CEO Dedi Gilad said: “Over the past two years, Tyto Care has increased momentum faster than ever before and is playing a leading role in changing how people receive healthcare. Telehealth is heeding the call of the COVID-19 pandemic and we are proud that our unique solution is aiding health systems and consumers around the world in the fight against the virus.
“This new funding comes at a pivotal moment in the evolution of telehealth and will enable us to continue to transform the global healthcare industry with the best virtual care solutions. We look forward to further expanding the reach of telehealth and introducing new solutions as demand for remote care continues to soar.”
–NS Medical Devices