February 23, 2018 + Jessica Di Palo
5 Min read
MTIP Expands TytoCare Funding Round to $25M, Joining an International Syndicate for the telehealth Start-up.
MTIP joins a large list of strategic and financial investors to expand a funding round for TytoCare, an Israel-based digital health company with breakthrough technology for conducting comprehensive examinations and telehealth visits, to $28M. Additional investors include Ping An Global Voyager Fund, Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma, LionBird and Qure. As the sole European based investor, MTIP is working with TytoCare to help them expand in the European region.
Following its FDA clearance in late 2016, and the launch of its products in the United States in early 2017, TytoCare has gained significant traction with major US health systems, telehealth companies, large private practices and employers. TytoCare will use the additional funding to continue its expansion in the US market and enhance its product offerings and smart data analytics to empower both clinicians and consumers doing telehealth. The funds will also help TytoCare fulfil the demand for its products outside the US and penetrate both the Asian and European markets.
“MTIP has played and will continue to play a vital role in opening doors and creating potential partnerships throughout Europe,” said Dedi Gilad, Co-Founder and CEO of TytoCare. “Building on the success and excitement for TytoCare in the US, we are pleased to be partnering with such a knowledgeable digital health investor whose unique position will help us further transform telehealth and reach more homes around the globe, especially in Europe.”
“TytoCare has an exceptional telehealth solution that will revolutionize how patients receive primary care,” said Dr Christoph Kausch Founding Partner and CEO of MTIP. “The quality of the management team is exceptional and we look forward to taking part in TytoCare’s success.”
Bruce Meadows, the Fund’s Senior Investment Director, added that “TytoCare fits perfectly into MTIP’s digital health strategy. Their connected suite of tools is at the intersection of telehealth and medical devices. Their ability to generate clinical quality data combined with machine learning produces better outcomes for patients and cost efficiency for healthcare systems.”
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