Investment Update : West Fountain Parallel Fund invested in Series C-2 of Tyto Care
In April 2020, West Fountain Global Fund LP ("West Fountain"), an offshore parallel fund of West Fountain Parallel Fund, completed a Series C-2 investment in Tytocare ("TytoCare"), an Israeli telemedicine company. This round of financing was led by Insight Partners, Olive Tree Ventures and Qualcomm Ventures, with other investors including Orbimed, Echo Health, Qure and Teuza. This round of financing funds will be used to purchase and build new tools and expand Tytocare family health testing suite to new areas. Previously, West fountain participated in the company's C-1 round of financing in November 2018.
Founded in 2012 in Israel and headquartered in Netanya, Israel, with US headquarters in New York, TytoCare is a digital health platform and provider of mobile diagnostic devices that enable people to perform self-examinations or receive remote diagnoses.
The company has developed a teleconsultation system that enables accurate interaction between doctors and patients over long distances, as well as real-time testing with a digital stethoscope, allowing doctors to diagnose patients online based on the data collected by the device.
Unlike other companies that offer telemedicine services through online platforms, TytoCare has developed a handheld testing device Tyto and supportive app. Tyto is similar to a smartwatch and has a variety of functions such as a camera, thermometer, otoscope, stethoscope and tongue depressor, etc.. Users first use the app to contact the doctor for video calls and then use the Tyto device for examination under the guidance of the doctor. After the diagnosis, the user's test data will be sent to the doctor who would prescribe according to the actual situation.
"The goal of TytoCare is to enable people to enjoy high-quality medical services in a comfortable home, which is crucial in the Chinese market. We believe that telemedicine will significantly improve the lives of Chinese consumers." Mr. Ni Zewang, Chairman of Shenzhen Capital Group Company and TytoCare's partner, once said, "We are honored to be a partner of TytoCare, and we are looking forward to TytoCare entering other markets in Asia."
West Fountain Parallel Fund is firmly optimistic about the future development of telemedicine track and believes that TytoCare will become a great enterprise under the leadership of an excellent team.