TytoCare closes $50 million round as the demand for telehealth accelerates
MTIP, the pan-European specialist Healthtech investor, took part in the newest financing round for Fund I Portfolio Company TytoCare. The $50 million round will support the Company to continue to scale business activities globally, as well as respond to the increase in demand for their digital health solutions.
Basel, Switzerland – April 9, 2020
In these troubling times caused by COVID-19, when we all face social isolation and governments impose restrictions upon us, we need to constantly monitor these impacts on our selected portfolio companies. As the demand for telehealth is accelerating, we are proud that TytoCare, the healthcare industry’s first all-in-one modular device and telehealth platform for on-demand, remote medical examinations, closed a financing round of $50 million, bringing the Company’s total capital raised to more than $105 million.
TytoCare’s product TytoHome, an easy to use toolkit that offers on-demand medical exams for patients, is a unique telehealth diagnostic solution. The Israeli digital health Company allows patients to self-monitor, and the data to be sent remotely to physicians, allowing them to oversee patients without exposure to a disease. In Switzerland the health inscurance Company SWICA will be testing TytoHome with 2000 of their customers until the end of 2020. The insurer reports that their pilot project has been very popular and that all devices have been successfully assigned.
«This round of financing will allow Tyto Care to focus even more on the needs of patients to develop new devices that build on their telehealth platform», said Dr. Christoph Kausch Founding Partner and CEO of MTIP. He adds: «Furthermore, we see the Company’s development as a confirmation of our investment thesis». MTIP recognized several years ago that the system was not able to keep up with demand, and the healthcare sector would need to innovate and leverage new technologies to continue to operate at a sustainable level. One of the key pillars of MTIP’s investment thesis is the need for decentralization. In an environment where we are all isolated in our homes, it is companies like TytoCare that are of particular necessity. MTIP is confident in the defensiveness of the Healthtech sector and our ability to continue to make successful investments throughout the cycle. It is with great pleasure that we look back on the previous relationship between TytoCare and MTIP and look forward to how this symbiosis will continue to grow in the future.
As TytoCare CEO and Co-founder Dedi Gilad noted: «MTIP has played and will continue to play a vital role in opening doors and creating potential partnerships throughout Europe. 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.»
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MTIP is a pan-European Healthtech growth investor, based in Basel Switzerland. We invest in digitally-connected, decentralized and patient-centric medical technology leaders, based primarily in Europe, with offerings that provide clear health-related economic benefits. Our entrepreneurial investment team, which has complementary private equity skills and exceptional deal-making capabilities, actively works with our portfolio companies to boost growth. MTIP efficiently deploys capital to unlock value and generate attractive returns for our investors.