Investment Update: West Fountain Parallel Fund invested in Series D round of Tyto Care, Israeli Remote health company
In March 2021, West Fountain, an overseas parallel fund of West Fountain Parallel Fund, completed its Series D investment in Israeli telemedicine company Tytocare, co-led by the prestigious US investment institution Insight Partner, Tiger Global, and Qumra Capital, a well-established Israeli growth investment institution. This is West Fountain's third investment in Tytocare. As one of Tytocare's early investors, West Fountain Parallel Fund has witnessed the company's rapid development and technological breakthrough.
West Fountain Parallel Fund and Shenzhen Capital Group completed Tytocare C1 round of investment in 2018, and West Fountain Parallel Fund completed Tytocare C2 round of investment in 2020. Tytocare investors include many of the world’s top investment institutions, with a long list of all-star shareholders: Famous US investment institution Insight Partner, Tiger Global, Qualcomm Venture, US pharmaceutical chain Walgreens, medical service organization Cambia Health, Sanford Health, US-focused venture capital firm OrbiMed, well-known Israeli growth investment institution Qumra Capital, long-established Japanese company Itochu, Ping An, Shenzhen Capital Group, and West Fountain Parallel Fund.
Tytocare is committed to developing AI-based telemedicine equipments and platforms. Clinicians can remotely conduct medical examinations of patients' heart, lungs, skin, ears, throat and stomach through the Tytocare platform. In 2020, more than 150 medical and health institutions have used the Tytocare platform to conduct more than 650,000 different telemedicine inspections worldwide. In the early stage of the COVID-19 outbreak, Israeli medical staff used Tytocare equipment to conduct remote inspections on quarantined patients and maintained zero infection among medical staff and outstanding results.
Dedi Gilad, co-founder and CEO of TytoCare, said: “TytoCare has been growing fast long before the pandemic. Last year we achieved even greater growth with the surge in demand. The pandemic has greatly accelerated the global response to telemedicine. The recognition, adoption and use of family-based AI clinical diagnosis technology can provide a wider audience with more personalized and effective virtual remote care."
The West Fountain Parallel Fund is optimistic about the growth potential of telemedicine and will continue to provide strong support to portfolio companies. We believe that will continue to grow in the US and find their spot in the Chinese market in 2021.