Virtual primary care company TytoCare announced it garnered an additional $49 million in growth funding.
Existing investor Insight Partners led the round with participation from new investors MemorialCare, Clal and Healthcare of Ontario Pension Plan.
WHAT THEY DO
The Israeli health tech company provides virtual care via its AI-enabled TytoCare Home Smart Clinic, which allows clinicians to conduct exams remotely. Providers obtain real-time data from patients at home using Tyto’s connected device that gathers readings from its otoscope, tongue depressor, thermometer and FDA-cleared stethoscope that analyzes lung sounds for wheeze detection.
The company will use the funds to explore other use cases of AI in diagnostic support and remote examinations, mainly focusing on advancing its Home Smart Clinic’s care capabilities beyond acute care visits.
“TytoCare is defining the next generation of healthcare by recognizing that health care happens more and more outside the four walls of a clinic,” Barry Arbuckle, president and CEO of MemorialCare, said in a statement. “Our value-based care strategy is perfectly aligned with the Home Smart Clinic’s ability to improve outcomes. We’re excited to invest in their continued growth and continue to help develop the tools they need to improve health care at home.”
MARKET SNAPSHOT
In 2021, the virtual home care company garnered $50 million in its Series D round led by Insight Partners. A year earlier, it scored $50 million in an oversubscribed round.
In March, TytoCare received FDA clearance for its clinical decision support software, Tyto Insights for Wheeze Detection. It uses TytoCare’s stethoscope to evaluate lung sounds and identify recordings that suggest wheezing in adults and children ages 2 and older. The same software received European CE Mark last year.
According to the FDA’s database, the company has received four FDA 510(k) clearances, with the first 510(k) green light in 2016 for its digital stethoscope.
Several other companies are in the virtual primary care space, including Amazon’s hybrid primary care provider, One Medical, and CVS Health’s Medicare-focused primary care provider Oak Street Health.