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Ping An Global Voyager Fund has led a US$25 million round in Tyto Care, a telehealth company with offices in New York and Israel that conducts comprehensive examinations and telehealth visits, the company announced today.
Ping An joins a long list of strategic existing investors including Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma and LionBird. The round also includes new investors like Qure, Israel’s digital health fund established with Johns Hopkins University.
As part of the round, Tyto Care has the option to expand funding to US$28 million in the next few months, said the announcement.
Tyto Care obtained FDA clearance in late 2016 and launched its products in the United States in early 2017. The company has three products: TytoHome for consumers, TytoPro for professionals, and TytoClinic for remote point-of-care locations, designed to replicate a face-to-face clinician visit and include a hand-held modular examination tool for examining the heart, lungs, skin, throat, ears and body temperature; a complete telehealth platform for sharing exam data, conducting live video exams and scheduling visits; a cloud-based data repository with analytics; and built-in guidance technology and machine learning algorithms.
“Tyto Care is a high-quality firm with a unique end-to-end solution in home telehealth care,” said Jonathan Larsen, chief innovation officer of Ping An Group and Chairman & CEO of Ping An Global Voyager Fund. “We are delighted to be their lead investor in this funding round and to have Tyto Care as our strategic partner in China.”
The Ping An Global Voyager Fund was launched in 2017 with a mission to invest in world class fintech and digital health capabilities. Ping An has seeded the fund with an initial US$1 billion in committed capital. The fund’s investment areas include core banking, insurance and healthcare technologies, innovative digital business models, unique customer experiences, and AI.
“We are very excited about our strategic partnership with Ping An…Over the last nine months we have seen great traction with some of the largest hospitals and health systems in the U.S…” said Dedi Gilad, Co-Founder and CEO of Tyto Care. “This new investment by Ping An…will enable us to fulfill the promise of transforming primary care and expand the reach of telehealth into more homes around the world.”
Source: China Money Network
