TytoCare is a virtual care company that enables health plans and providers to offer high-quality primary care services to patients from their homes. The company has secured an impressive $49 million in additional growth funding, bringing its total funding to an outstanding $205 million. This significant investment will enable TytoCare to continue leading the way in the virtual healthcare industry with further innovations.
Revolutionizing Virtual Care with Home Smart Clinic
The latest funding round was spearheaded by global software investor Insight Partners, who also led TytoCare’s previous round. New investors have joined the round, including MemorialCare, a prominent California health system, and two major pension funds, Healthcare of Ontario Pension Plan (HOOPP), and Clal.
Dedi Gilad, Co-Founder and CEO of TytoCare, expressed optimism about the future of virtual care, stating, “Virtual care has shown great promise, but audio-video options still fail to deliver the value of a doctor’s appointment and ultimately earn the trust of patients. As TytoCare continues to grow, we hope to help more people experience clinic-quality care from home, and help unlock the potential of remote care.”
TytoCare’s Home Smart Clinic stands out as the sole virtual care solution that can emulate the doctor’s office at home. This innovative solution amalgamates TytoCare’s FDA-cleared handheld remote examination device, the AI-backed Tyto Insights™ smart diagnosis support, and the Tyto Engagement Labs™ to furnish high-quality, accessible virtual care.
Barry Arbuckle, President & CEO, MemorialCare, praised TytoCare’s vision, saying, “TytoCare is defining the next generation of healthcare by recognizing that healthcare happens more and more outside the four walls of a clinic.”
Advancing Healthcare with AI and Longitudinal Care
With the infusion of new funds, TytoCare is set to channel the investment into the creation of innovative AI tools specifically designed for diagnostic support and remote examination assistance. Moreover, the Home Smart Clinic will undergo enhancements to provide long-term care options, catering to families managing conditions that necessitate ongoing attention, extending beyond the scope of occasional acute care visits.
Transitioning into a new phase, TytoCare is introducing an asthma module, a development that builds on the FDA clearance of the AI-powered Tyto Insights™ for Wheeze Detection. This expansion will significantly broaden the Home Smart Clinic’s capabilities. Included in this module are self-management tools tailored for asthma patients, provisions for urgent doctor visits with remote exams, and more. Considering that asthma leads to expenses exceeding $50 billion per year for Americans, this innovative module seamlessly aligns with the Home Smart Clinic’s overarching goal to simultaneously cut costs and elevate the quality of care.
In a testament to TytoCare’s impact, a recent study published in the Journal of Health Economics in July 2023 shed light on the Home Smart Clinic’s remarkable ability to reduce the cost of care by 7%. Additionally, the study highlighted significant reductions in ED visits by 24.1% and urgent care visits by 11.3%, coupled with a noteworthy increase in primary care utilization by 12%. These findings underscore TytoCare’s commitment to transforming the landscape of virtual healthcare.
TytoCare has raised $49 million in additional growth funding, bringing its total funding to $205 million. The funds will be used to expand TytoCare’s Home Smart Clinic, the only virtual care solution that replicates the doctor’s office at home. The company will also invest in AI and longitudinal care capabilities, including a new asthma module. A recent study has shown that TytoCare’s solutions can reduce the cost of care by 7%, making it a promising investment in the future of healthcare.
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