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Telehealth startup TytoCare raises $50 million as COVID pushes doctors online

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TytoCare, a telehealth startup that has developed an artificial intelligence-based device that enables clinicians to perform remote medical examinations, said Thursday it has raised $50 million in an extension to its Series D fundraising round, doubling the company’s valuation.

This funding comes on the heels of TytoCare raising $50 million in April 2020, bringing the money raised over the last 10 months to $100 million, the startup said in a statement.

Existing investor Insight Partners led the extension round with participation from new investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company. With the added funding TytoCare has raised a total of $155 million from investors to date.

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Amid the social distancing requirements of the coronavirus pandemic, TytoCare has seen rapid growth in demand for its telehealth kits with healthcare organizations, hospitals, and insurers around the world encouraging the use of TytoCare’s product for virtual care and remote monitoring. In 2020 alone, TytoCare experienced a 2.5-fold jump in revenue, the statement said.........

© The Times of Israel

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