Funding round led by existing investor Insight Partners and includes new strategic health system and pension fund investors MemorialCare, HOOPP, and Clal
[NEW YORK, NY, August 3, 2023] – TytoCare, a virtual care company enabling leading health plans and providers to deliver accessible, high-quality primary care from home, today announced that it has raised $49 million in additional growth funding. This new investment brings the company’s total funding to $205 million to date. The round was led by global software investor Insight Partners, which also led TytoCare’s previous round. Notably, the round includes new investors, including MemorialCare — a leading California health system — as well as two major pension funds, Healthcare of Ontario Pension Plan (HOOPP) and Clal.
“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,” said Dedi Gilad, Co-Founder and CEO of TytoCare. “This new funding will allow us to deepen TytoCare’s offerings as we continue to roll out our Home Smart Clinic and develop next-generation AI capabilities.”
TytoCare’s Home Smart Clinic is the only virtual care solution on the market that can replicate the doctor’s office in the home. The solution combines TytoCare’s FDA-cleared handheld remote examination device, the AI-backed Tyto Insights™ smart diagnosis support, and the Tyto Engagement Labs™ to provide high-quality, accessible virtual care in the home and enable health plans and providers to deliver on expected ROI and drive improved health outcomes.
“TytoCare is defining the next generation of healthcare by recognizing that health care happens more and more outside the four walls of a clinic,” said Barry Arbuckle, President & CEO, MemorialCare. “Our value-based care strategy is perfectly aligned with the Home Smart Clinic’s ability to improve outcomes. We’re excited to invest in their continued growth and continue to help develop the tools they need to improve health care at home.”
TytoCare will use the funding to further develop novel uses of AI in diagnostic support and remote exam assistance. In particular, TytoCare will advance the Home Smart Clinic’s longitudinal care capabilities to help families manage conditions that need more than episodic, acute care visits.
For its first longitudinal care module, TytoCare builds on this year’s FDA clearance of the AI-powered Tyto Insights™ for Wheeze Detection, by launching a new asthma module that broadens the Home Smart Clinic’s capabilities to address the needs of asthma patients in addition to the episodic support it provides for the whole family. This module includes routine self-management tools for family members with asthma to stay on top of their condition, with questionnaires, reminders, and a personalized diary, as well as flare-up support leveraging Tyto Insights™ for Wheeze Detection and urgent doctor visits with remote exams. With asthma leading to 1.7 million emergency department (ED) visits, 13.8 million missed school days, and costing Americans more than $50 billion per year, this first longitudinal module ties into the Home Smart Clinic’s ability to reduce costs and improve quality care.
Evidence of the capabilities of TytoCare’s Home Smart Clinic to impact the total cost of care was published recently in the Journal of Health Economics’ July 2023 edition. The study, carried out by economists from Stanford and Tel Aviv Universities, analyzed data from one of the world’s biggest HMOs, and found that TytoCare’s Home Smart Clinic reduced cost of care by 7%. The study also found that the Home Smart Clinic reduced ED visits by 24.1%, urgent care visits by 11.3%, and increased primary care utilization by 12%. The authors wrote that their findings “align with the notion that device adoption and the consequent increase in primary care use either substitute for more intensive settings or aid in preventing cases from escalating to such settings.”
TytoCare is a virtual healthcare company that enables leading health plans and providers to deliver remote healthcare to the whole family through its Home Smart Clinic. Combining a cutting-edge, easy-to-use, FDA-cleared device with AI-powered guidance and diagnostic support, the Home Smart Clinic enables the whole family to conduct remote physical exams with a doctor, replicating in-clinic exams for immediate answers from home. TytoCare drives utilization rates that are five times higher than traditional telehealth services; reduces the total cost of care by an average of five percent; diverts ED visits by an average of 10.8%; and has a high average NPS of 83. The Home Smart Clinic includes Tyto Engagement Labs™, a proven framework of engagement journeys designed for the successful deployment and adoption of the solution. To complete its offering, TytoCare also provides the Pro Smart Clinic, for professional settings outside the home to serve rural clinics, schools, workplaces, and more. TytoCare serves over 220 major health systems and health plans in the U.S., Europe, Asia, Latin America, and the Middle East.