Insulin management company Glytec scores $21M to fuel growth

APRIL 27 2021

Mallory Hackett

Insulin management company Glytec scores $21M to fuel growth

The company collected $9 million in debt financing from SVB and $12 million in equity investments led by Savitr positions, according to its announcement.


Glytec, an insulin management software company, has received $21 million in funding from Silicon Valley Bank, Savitr Capital and other private investors.

The company collected $9 million in debt financing from SVB and $12 million in equity investments led by Savitr positions, according to its announcement.

WHAT IT DOES

Glytec’s eGlycemic Management System is centered on its FDA-cleared Glucommander algorithm. The algorithm uses real-time and historical patient data to personalize insulin dosing by learning each patient’s insulin sensitivity and estimating future needs.

In addition to the personalized insulin dosing, the eGMS dashboard for providers includes glycemic management analytics, continuous surveillance of blood glucose levels and automated reminders for blood glucose checks.

The eGMS has been researched in more than 90 studies that demonstrate it can reduce low blood sugar by 99.8%, 30-day readmissions by 36-68% and length of stay by up to 3.2 days, the company said.

WHAT IT’S FOR

The investments will go towards growing Glytec’s team, specifically across the engineering and product departments. It plans to grow in size by more than 30% in 2021 to help scale the eGMS.

Additionally, the company will use the funds to improve the eGMS through simplifying provider workflows, enhancing analytic and reporting capability and further integrating into EHRs, mobile apps and other diabetes technologies.

MARKET SNAPSHOT

Earlier this month, Glytec released its latest version of the eGMS that includes medication-dose confirmation capabilities and overnight blood glucose level evaluations.

The diabetes space has no shortage of digital health companies developing solutions to manage the chronic condition.

Those who made headlines over the past few months include:

  • Onduo Health for expanding its platform to include hypertension, pre-diabetes, weight loss and mental wellbeing.
  • Better Therapeutics for announcing its public exit strategy with special purpose acquisition company Mountain Crest Acquisition Corp II.
  • Roche for integrating with Novo Nordisk’s connected insulin pens.

The space is also well-funded. In March, Glooko announced a $30 million Series D funding round in order to boost the adoption of its platform, broaden the commercialization of its products in clinical research and push into new therapeutic areas.

Last week, Virta Health scored $133 million in a Series E funding round to grow its platform and reach more patients.

ON THE RECORD

“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,” Ed Furlong, the president and CEO of Glytec, said in a statement.

“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 [it] 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.”

– This article originally appeared on Mobi Health News.

ECO #01196-A