Glytec announced today that it raised $21 million in financing to fund its glycemic management technology.
Waltham, Mass.-based Glytec received $9 million in debt financing from Silicon Valley Bank, combined with $12 million in equity funding, led by Savitr with contribution from other private investors, according to a news release.
The company said it plans to use the funds to continue research and development around patient safety, provider workflows and analytics for its eGlycemic Management System (eGMS) for managing insulin. Additionally, funds are earmarked to adding talent to the workforce and enhancing integrations with electronic health records (EHRs), mobile apps and other diabetes care technologies ranging across the continuum of care.
Glytec launched the eGMS last month. It is centered around the FDA-cleared Glucommander software, which uses real-time and historical data to recommend insulin dosing by learning each patient’s insulin sensitivity and anticipating future needs. The ensuing personalized treatment regime can reduce hypoglycemia, hyperglycemia, lengths of stay, readmissions and cost of care.
“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,” Glytec president & CEO Ed Furlong said in the release. “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.”