MemorialCare backs $49M funding round for virtual care company

TytoCare, a virtual healthcare company that provides remote physical exams with a physician, received a $49 million growth funding round from four investors.

Insight Partners, a software and technology investor, was the only returning investor and led TytoCare's previous round. One of the new investors is MemorialCare, a health system based in Fountain Valley, Calif. The remaining two are Toronto-based Healthcare of Ontario Pension Plan and Tel-Aviv, Israel-based Clal, which are major pension funds.

TytoCare's virtual care solution is called Home Smart Clinic, and it uses an FDA-cleared device with artificial intelligence guidance to replicate in-clinic exams in a remote setting. The funding will be used to enhance the AI capabilities and expand care to patients with chronic conditions, such as asthma, according to an Aug. 3 press release TytoCare shared with Becker's.

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