APRIL 26 2021
Glytec Raises $21M to Fix Hospital Insulin Management
What You Should Know:
– Glytec announced $21M in funding today from Silicon Valley Bank, Savitr Capital and others to help address the challenge that 90% of hospitals in the U.S. face with insulin management.
– Glytec’s insulin management solution, 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.
– More than 34 million Americans today live with diabetes, 88 million live with prediabetes and (regardless of whether or not someone has a diabetes diagnosis) over one-third of all patients require insulin during their hospital stay. That’s why more than 300 hospitals trust Glytec’s FDA-cleared software to provide personalized insulin dosing recommendations, monitoring and management for every patient throughout every department in the hospital.
– With over 90+ research studies validating it, Glytec is proven to reduce 30-day readmissions by up to 68%, cut length of stay by up to 3.2 days, and produce annualized cost savings as high as $20,000 per licensed bed.
– 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.
– This article originally appeared on HIT Consultant.