TytoCare raises $49m for remote home clinic platform

TytoCare raises $49m for remote home clinic platform

Time Stamp: August 4, 2023 10:21 AM
Source Node: 2803721

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A market report by GlobalData predicts that the global telehealth market (which includes all forms of virtual care) will increase five-fold from $690m in 2015 to $3.8bn by 2030. Image credit: TytoCare.

US-based TytoCare has raised $49m in growth funding, bringing the virtual care company’s total to $205m.

Software investor Insight Partners joined the round, which included participation from Californian healthcare system Memorial Care, along with two pension funds.

TytoCare has developed a device that allows doctors to remotely conduct examinations of patients. The FDA-cleared system, called Home Smart Clinic, includes functionality for remote physical exams such as listening to heart and lung sounds, measuring temperatures, and blood pressure and oxygen levels. The remote clinic incorporates the company’s artificial intelligence (AI) software to provide diagnosis support.

In a statement announcing the deal, TytoCare said it will use the funds to explore further uses of its AI in diagnostic support and remote examination assistance, focusing particularly on conditions that need more than acute care visits.

In March, the company already added an asthma module for its Tyto Insights software that expands the Home Smart Clinic’s application.

A study investigating the health economics of the system, with results published in the Journal of Health Economics, found an overall saving of 7% in costs compared to normal care.

A market report by GlobalData predicts that the global telehealth market (which includes all forms of virtual care) will increase fivefold from $690m in 2015 to $3.8bn by 2030.

TytoCare co-founder and CEO Dedi Gilad said: “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.”

MemorialCare’s president and CEO Barry Arbuckle said: “TytoCare is defining the next generation of healthcare by recognising that healthcare happens more and more outside the four walls of a clinic.”

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