Tyto Care, which makes telehealth equipment for at-home doctor’s exams, has raised an additional $9 million through an expansion of its 2018 series C round, bringing its total up to $33.5 million.
The funding round was led by Ping An Global Voyager Fund, with new money from Sanford Health, Itochu and Shenzhen Capital Group and its affiliates. The Israeli company plans to use the proceeds to help it expand into remote and rural communities in the U.S., Europe, Japan and China through strategic partnerships.
"Tyto Care's mission of making high-quality healthcare accessible from the comfort of home is crucial, especially in China,” said Zewang Ni, chairman of Shenzhen Capital Group. “We believe that telehealth will significantly improve the lives of Chinese consumers, whether they are parents with sick children at home, elderly patients facing chronic illnesses, or citizens living in remote areas with less access to medical care.”
Tyto previously raised $25 million in a January 2018 series B round to help grow U.S. sales of its FDA-approved digital stethoscope while working to enter the Chinese market. China’s Ping An led that round as well, with the support of Cambia Health Solutions, Walgreens, OrbiMed, Fosun Pharma and LionBird.
Tyto also recently paired up with Health Navigator, a digital health and telemedicine company, to integrate Health Navigator’s symptom checker into its platform.
The checker considers age, gender, pregnancy status, known medical problems and other clinical factors to generate a list of pre-diagnoses and recommendations for a specific symptom or problem, and acts as an assistant to guide patients through the use of digital health tools.
Tyto, meanwhile, offers hand-held, modular tools for examining the heart, lungs, skin, ears, throat, abdomen and body temperature, and beams the information remotely to a clinician. By extending the reach of specialists, the company believes it can cut readmission rates and recover revenue lost to emergency and urgent care centers.