Glytec, the only provider of insulin management software across the continuum of care, today announced $21 million in financing from Silicon Valley Bank (SVB), Savitr Capital and other private investors.
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 research and development 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.
More than 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. 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 recommends hospitals use computerized protocols to deliver personalized dosing regimens that adjust over time for each patient. However, nearly 90% of the more than 6,000 hospitals across the United States still use one-size-fits-all, simplistic insulin dosing protocols. Glytec provides a seamless software solution that integrates with electronic health records (EHRs) to augment and extend personalized, endocrinologist-level support to every hospital bedside.
“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,” said Laura Scott, Market Manager, Life Sciences and Healthcare Practice at Silicon Valley Bank. “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.”
Centered on the FDA-cleared software, Glucommander, Glytec’s eGlycemic Management System is proven to reduce low blood sugar by 99.8%, 30-day readmissions by 36-68% and length of stay by up to 3.2 days. 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.
“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,” said Ed Furlong, President and Chief Executive Officer, Glytec.
He added, “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.”
eGMS helps 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. 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 will also use 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.
More than 300 hospitals across the United States, at health systems including AdventHealth, Novant Health and Sentara Healthcare, trust Glytec to support inpatient insulin dosing and glycemic management.