It’s no secret that the telehealth industry has been booming in the wake of the pandemic. Virtual visits mitigate risk and allow doctors and patients to meet without the risk of spreading or contracting COVID-19.
Due to this shift, New York City-based telehealth startup Tyto Care more than doubled the size of its revenue last year, and now, it’s receiving a fresh injection of capital to cope with increased demand.
Tyto Care announced Thursday that it raised $50 million in an oversubscribed Series D extension round led by Insight Partners. Over the last 10 months, the company has raised $100 million in new financing. Last April, the company raked in another $50 million for the first portion of its Series D.
Tyto Care provides patients with medical kits that enable them to conduct a variety of at-home examinations. Devices included in the kit are Food and Drug Administration compliant and cover exams for the lungs, ears, heart, throat and more. The devices collect and store data on the company’s cloud-based platform where it can be shared and used by healthcare professionals.
“The pandemic significantly accelerated telehealth awareness, adoption and utilization worldwide, and current advances in AI-powered home-based clinical diagnoses are making virtual care even more personalized and effective for a wider population, as well as more use cases,” Dedi Gilad, co-founder and CEO of Tyto Care, said in a statement.
Tyto Care’s telehealth platform also allows users to schedule in-person visits.
Following the latest investment, Tyto Care will continue to expand across the United States, Europe and Asia. The company also plans to introduce several new AI-enabled device capabilities.
Over 150 health organizations and insurers use Tyto Care to collect, store and share patient data. In 2020 alone, the company claims to have performed over 650,000 telehealth examinations globally.
Additional investors Tiger Global Management, Qumra Capital and Qualcomm Ventures participated in the round among others.
Tyto Care has raised a total of $156.7 million in venture capital financing to date, according to Crunchbase.