NEW YORK, January 29, 2018 /PRNewswire/ --
Tyto Care, a telehealth company with breakthrough technology for conducting comprehensive examinations and telehealth visits, anytime, anywhere, today announced that it has raised $25 million in its most recent round led by Ping An Global Voyager Fund and including both new and existing investors.
Ping An joins a large list of strategic investors already backing the company, including Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma and LionBird. The growth round also includes new participants like Qure, Israel's first exclusively-focused digital health fund, established with Johns Hopkins University. As part of the oversubscribed round, Tyto Care has the option to expand funding to $28 million in the next few months.
Following its FDA clearance in late 2016, and the launch of its products in the United States in early 2017, Tyto Care has gained significant traction with major US health systems, telehealth companies, large private practices and employers. Tyto Care will use the additional funding to continue its expansion in the US market and enhance its product offerings and smart data analytics to empower both clinicians and consumers doing telehealth. The funds will also help Tyto Care fulfill the demand for its products outside the US and penetrate both the European and Asian markets. As part of this funding, Ping An and Tyto Care will form a strategic partnership to implement Tyto into Ping An's offerings in the Chinese market.
"We are very excited about our strategic partnership with Ping An, and the huge business opportunity it offers. Over the last nine months we have seen great traction with some of the largest hospitals and health systems in the US, and this investment will allow us to continue building upon our momentum to deliver the best telehealth experience to consumers," said Dedi Gilad, Co-Founder and CEO of Tyto Care. "This new investment by Ping An, the number one insurance group by market capitalization globally, and one of the largest investment and asset management companies in the world, will enable us to fulfill the promise of transforming primary care and expand the reach of telehealth into more homes around the world."
"Tyto Care is a high-quality firm with a unique end-to-end solution in home telehealth care," said Jonathan Larsen, Chief Innovation Officer of Ping An Group and Chairman & CEO of Ping An Global Voyager Fund. "We are delighted to be their lead investor in this funding round and to have Tyto Care as our strategic partner in China."
Dr. Marco D. Huesch, the Fund's Chief Medical Officer, added that "this market-leading innovation is clearly differentiated by its AI-enabled guidance algorithms which allow users to self-acquire high quality images suitable for clinician diagnosis, and by its modular platform allowing integration into cloud-based electronic health record systems."
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or "the Group") is dedicated to becoming a world-leading personal financial services provider. Ping An is the No.1 insurance group globally in terms of market capitalization and the 39th largest company in the 2017 Global Fortune 500. As at 30 June 2017, the Group had over 143 million individual customers and over 400 million digital users across all of its platforms. As at the end of June 2017, the Group's consolidated total assets reached USD 917 billion and currently has a market capitalization of over USD 190 billion. Ping An has also incubated leading app-based portals such as Lufax (the largest digital wealth management platform in China with over 30 million users) and Ping An Good Doctor (the largest telemedicine platform in the world with over 170 million users).
The Ping An Global Voyager Fund was launched in 2017 with a mission to invest in world class FinTech and digital health capabilities. Ping An has seeded the fund with an initial US$1 billion in committed capital. The fund's investment areas include core banking, insurance and healthcare technologies, innovative digital business models, unique customer experiences, and AI. As a result of its tight affiliation with Ping An, the Global Voyager Fund is uniquely positioned to deliver scale access to the China market for portfolio companies.
About Tyto Care
Tyto Care is transforming primary care by putting health in the hands of consumers. The company seamlessly connects people to clinicians to provide the best remote home examination and diagnosis solutions.
Tyto Care has three telehealth products: TytoHome™ for consumers, TytoPro™ for professionals, and TytoClinic™ for remote point-of-care locations. All solutions are designed to replicate a face-to-face clinician visit and include a hand-held modular examination tool for examining the heart, lungs, skin, throat, ears and body temperature; a complete 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 to ensure accuracy and ease of use. The Tyto platform also allows for simple integration with EHR systems and other telehealth platforms. To watch a demo video, click here.
For more information please visit http://www.tytocare.com.
SOURCE Tyto Care