- Glytec — the only provider of insulin management software across the continuum of care — announced $21 million in funding. These are the details.
Glytec — the only provider of insulin management software across the continuum of care — announced $21 million in financing from Silicon Valley Bank (SVB), Savitr Capital, and other private investors. And the funding will fuel Glytec’s mission of revolutionizing the role glycemic management plays in the hospital across every department.
The combined $9 million debt financing from SVB and $12 million equity investment led by Savitr positions the company to continue its rapid growth by investing in R&D around patient safety, provider workflows and analytics, adding additional talent to its workforce and enhancing integrations with EHRs, mobile apps and other diabetes technology across the continuum of care.
Over 34 million Americans today live with diabetes, 88 million live with prediabetes, and over one-third of all patients – regardless of a diabetes diagnosis – require insulin during their hospital stay. And uncontrolled blood glucose in the inpatient setting has a wide range of negative impacts, including longer lengths of stay, higher readmission rates, increased cost and greater mortality.
The 2021 American Diabetes Association Standards of Medical Care in Diabetes has recommended hospitals use computerized protocols to deliver personalized dosing regimens that adjust over time for each patient. But nearly 90% of the more than 6,000 hospitals across the United States still use one-size-fits-all, simplistic insulin dosing protocols. Glytec essentially provides a seamless software solution that integrates with electronic health records (EHRs) to augment and extend personalized, endocrinologist-level support to every hospital bedside.
Centered on the FDA-cleared software, Glucommander, Glytec’s eGlycemic Management System is proven in reducing low blood sugar by 99.8%, 30-day readmissions by 36-68% and length of stay by up to 3.2 days. And the safety and efficacy of Glytec’s eGMS have been validated in more than 90 research studies to date and customers continue to report enterprise-wide utilization at, or above, 95% of eligible patients and annualized cost savings as high as $20,000 per licensed bed.
eGMS is helping providers track blood glucose data, detect, and alert patients in glycemic disarray, provide personalized insulin dosing regimens, and get patients into target blood glucose range quickly and safely. And Glytec will use the new investments to increase engineering, product, and other key department headcounts by more than 30% in 2021 to help scale its flagship product.
The company is also using the funds to build new features that simplify provider workflows, enhance advanced analytics and reporting capabilities, and integrate more closely with EHRs, mobile apps and other diabetes technology across the continuum of care.
KEY QUOTES:
“Hospitals have always been structured to treat acute conditions and providers generally segment and focus on what they deem is most critical for each patient, with limited collaboration across disciplines. This approach doesn’t account for the fact that a patient’s blood glucose is an underlying factor that impacts nearly every condition in every department of the hospital. With a growing shortage of endocrinologists, there’s no way they can scale to be at every bedside. Glucommander’s personalized dosing decision support helps them scale efforts. With the funding from SVB and Savitr, and the exceptional support we’re getting from their teams, we’re ready to help more hospitals improve outcomes and the patient care they provide.”
— Ed Furlong, President and Chief Executive Officer, Glytec
“With a global footprint and strong team dedicated to life sciences and healthcare, we see the very best companies that are driving change in the way healthcare is managed and delivered and we are proud to work with Glytec. Glytec is already experiencing steady momentum in the U.S. inpatient market and has the technology, clinical expertise and team to grow even faster as more people realize how critical glycemic management is to care and outcomes. We know this financing will help extend their leadership position in the market even more.”
— Laura Scott, Market Manager, Life Sciences and Healthcare Practice at Silicon Valley Bank
