The Israeli telehealth startup just raised $50 million in a Series D round, doubling its valuation.

TytoCare, has developed a platform and devices that use AI to perform remote medical examinations for doctors and clinicians. Healthcare organizations, hospitals, and insurers around the world recommend TytoCare’s telehealth kits (pictured below) for monitoring the health of patients remotely and virtual caregiving. (The Times of Israel)

The TytoCare system allows clinicians to take temperature readings and conduct remote medical checks of a patient’s heart, lungs, skin, ears, throat, and belly.

The devices in the Tytocare kit include a connected stethoscope, a high-definition camera that can evaluate dermatological issues, an infrared thermometer, an otoscope, and a tongue-depressor adaptor for the throat.

AI in telehealth

According to Gilad, the Tytocare platform is based on an AI system that trained for over two years on a huge dataset comprising tens of thousands of clinical exam videos, sounds, and images.

Further, it keeps learning from the ongoing hundreds of thousands of remote examinations to improve its accuracy.

The pandemic was a shot in the arm for TytoCare

“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,” said Dedi Gilad, Co-Founder and CEO of TytoCare.

As a result, globally telehealth found rapid adoption and healthcare organizations had to pivot towards new models of providing medical care. These include data-driven healthcare, asynchronous services, virtual primary care, and remote monitoring.

TytoCare, therefore, experienced “immense growth amidst surging demand,” further boosting its already robust, pre-pandemic growth trajectory. Revenues in 2020 saw a 2.5X increase, and the company performed over 650,000 telehealth examinations globally.

TytoCare is, therefore, well-positioned to take advantage of the growing telehealth and remote health monitoring market, which is projected to reach $559.52 billion by 2027, according to VentureBeat.

Fundraising

TytoCare announced on Thursday that it raised $50 million in a “significantly oversubscribed” Series D extension round that also doubled its valuation.

Insight Partners led the extension with participation from new growth investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company.

TytoCare has raised a total of $155 million to date.

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