If you were under the impression from our earlier report regarding TytoCare that the company is not going through the best of times right now, you might have to rethink as a new report reveals that TytoCare has just closed a funding round of $49 million. The earlier report from TytoCare noted that the company laid off 10% of its workforce which was mostly from Israel as the company is looking to move to the US. TytoCare is a company that “develops a digital device for remote medical testing and diagnosis” and with this fresh round of funding, its total funds raised so far have gone up to $205 million. It is also worth noting that despite the 10% workforce reduction, it still has 180 employees. We believe that TytoCare received this round of funding thanks to its device clearing the FDA which means it is now ready for public testing. We have also seen that many companies are now laying off employees not due to cash crunch but to become lean and profitable as soon as possible.
According to the press release given by the company. “TytoCare raised a $50 million Series D extension round in March 2021, 10 months after its previous round in which it also raised $50 million. The round was led by Insight Partners, with participation by Tiger Global and Qumra Capital. Previous investors include Olive Tree Ventures, Qualcomm Ventures LLC, and Shenzhen Capital Group Company.” CEO and Co-founder of TytoCare, Dedi Gilad, said, “Virtual care has shown great promise, but audio-video options still fail to deliver the value of a doctor’s appointment and ultimately earn patients’ trust.
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,” and added that “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.” As we reported earlier, TytoCare’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor.
