Tyto Care, a provider of home health devices, announced Tuesday it raised $50 million in an oversubscribed growth round, bringing its total capital raised to $105 million.
The NYC-based company aims to enable its users to get quality medical care without having to leave home. To do this, it has developed a collection of Food and Drug Administration-compliant hand-held devices for examining the lungs, heart, throat, ears, abdomen and body temperature. The data collected from these devices is then stored on the company’s cloud-based, HIPAA-compliant platform, where it can be shared and examined by healthcare professionals remotely. Patients can receive diagnoses and prescriptions based on that data too. The platform also allows users to have live video exams and schedule in-person visits.
Patients can purchase Tyto Care’s devices exclusively through Best Buy and use the platform with health system partners across the United States. LiveHealth Online provides care for users who reside in areas not covered by regional partners. The platform can be integrated with other electronic health monitoring devices, third party tools and telehealth platforms too, according to the company.
The importance of remote medical exams has become especially prevalent amid the COVID-19 pandemic. Virtual care means both physicians and patients can avoid spreading and contracting the virus.
“Telehealth is heeding the call of the COVID-19 pandemic and we are proud that our unique solution is aiding health systems and consumers around the world in the fight against the virus,” co-founder and CEO Dedi Gilad said in a statement. “This new funding comes at a pivotal moment in the evolution of telehealth and will enable us to continue to transform the global healthcare industry with the best virtual care solutions. We look forward to further expanding the reach of telehealth and introducing new solutions as demand for remote care continues to soar.”
Tyto Care works with hundreds of hospitals and other health organizations across North America, Europe and Israel and claims to have enabled more than 200,000 remote medical exams in 2019 alone. Its sales tripled last year as well. The company says that, to meet this “skyrocketing demand,” it is expediting production to fulfill three times more devices than originally forecasted.
