Note: This post has been updated with comments from TytoCare CEO and founder Dedi Gilad
TytoCare, a medtech company that developed connected devices to support telehealth, has closed a $25 million round of funding to support an expansion into China and build its customer base in the U.S. market, according to a company press release. With the fundraise the company, which has offices in Israel and New York, has raised more than $45 million to date, a spokeswoman confirmed.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Chinese insurer PingAn’s Global Voyager Fund led the round. The fund, which invests in health tech and fintech startups, named Marco Huesch Chief Medical Officer last week. He previously worked as vice chair of research at Penn State Hershey Medical Center where he also served as an associate professor. The strategic investment will help TytoCare realize its ambitions of gaining a foothold in China. Ping An also has a telemedicine channel called Good Doctor.
Other groups that took part in the funding include a new investor Our Crowd Qure, Israel’s first digital health-focused fund which also has a partnership with Johns Hopkins. The fund’s investments include medical imaging analysis business Zebra Medical, genetic testing company KolGene, and diabetes management business Dario Health. Established investors in TytoCare include Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma and LionBird.
Another priority for the funding round will be the company’s expansion in the U.S. TytoCare received FDA clearance in 2016 for its digital stethoscope. Last year the company launched the product in the U.S.
In a phone interview, TytoCare CEO and founder Dedi Gilad said its current focus in the U.S. market is on self-insured employers. The company wants to add more exams to bring more use cases to telehealth and correlate those exams to specific patients and expand the company’s capabilities on the analytics side. The business plans to add 20 staff across sales and marketing, customer support and research and development in the short term.
Beyond the U.S., TytoCare is beginning to work with partners in Canada and Europe.
“In Canada, we’re working with distributors and value-added partners either doing health services or healthcare organizations that want to expand their telehealth offerings and tech companies that want to expand their reach,” Gilad said.
The company’s products include TytoHome, which is geared to consumers, TytoPro which is designed for healthcare professionals, and TytoClinic for remote point-of-care locations.
Photo: StockFinland, Getty Images
