Tyto Care, a company that performs remote medical exams on demand, has raised $50 million in a growth round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC.
The “oversubscribed” financing brings New York-based Tyto Care’s total raised to over $105 million since its 2012 inception, according to Crunchbase data. Existing backers Orbimed, Echo Health, Qure, Teuza and others also participated in the round.
The startup says it performed over 200,000 remote examinations in 2019 alone, and has served hundreds of thousands of patients over time. Now, in the wake of COVID-19, Tyto Care says it is expediting production to keep up with soaring global demand.
How it works
Tyto Care’s solution enables remote medical exams of the lungs, heart, throat and ears, among other exams and vitals. As we all know, the more visits done virtually, the more health care workers can avoid potential exposure to COVID-19. It also means that fewer people have to physically go to medical facilities, which means potential spreading and exposure to the virus are minimized.
Tyto Care is also a hardware company. Patients are equipped with a hand-held tool (developed by Tyto Care) for examining the heart, lungs, skin, ears, throat, abdomen and body temperature; a telehealth platform for sharing exam data, conducting live video exams and scheduling visits; a cloud-based data repository with analytics; and built-in guidance technology and machine learning algorithms designed to ensure accuracy and ease of use for patients using the device at home. Patients can receive a diagnosis and prescription from a doctor based on the clinical data gathered.
The TytoHome device has a-no touch infrared thermometer to measure the body temperature and can perform the examinations mentioned above. The Tyto Stethoscope and Tyto Thermometer are FDA-cleared, and all devices comply with FDA regulatory requirements.
Patients can use TytoHome with physicians who work with their regional health system partners across the U.S., such as Ochsner Health System, Sanford Health and Novant Health.
LiveHealth Online (LHO) provides care for users who purchase TytoHome and reside outside of areas covered by regional health system partners. Using the device and the TytoApp, users can connect with a partnering health care system provider or an LHO provider at any time, no matter their location.
Best Buy is Tyto’s exclusive retail partner; the devices are available in stores nationwide and online on its website.
Tyto’s platform also allows for integration with electronic health records systems, third party exam tools, and other telehealth platforms, according to the company. (To watch a demo video, click here.)
Dedi Gilad, CEO and co-founder of Tyto Care, says the company is currently expediting production to fulfill three times more devices than originally forecasted for the coming quarters. It plans to use its new capital in part to expand commercialization throughout the U.S., Europe and Asia as well as to introduce new advanced product capabilities including AI and machine learning-based home diagnostics solutions and other patented technologies. It’s currently undergoing regulatory compliance checks in China.
Tyto Care says it has experienced double-digit telehealth utilization. In the wake of the COVID-19 pandemic, more hospitals and health organizations are further expanding their use of Tyto Care’s telehealth solution to remotely examine quarantined patients in hospitals and isolated patients at home.
Insight Partners co-founder and managing director Jeff Horing notes that telehealth adoption is at an all-time high.
“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,” he said in a written statement.
Tyto Care says its sales tripled in 2019. It’s working with hundreds of hospitals and over 100 health organizations including health systems, payers and strategic partners, primarily in North America, Europe and Israel. Currently, patients in the United States, Canada, Spain, France, Switzerland, Russia, Uruguay, Israel and Thailand are using Tyto Care. The company currently has 70 employees.