Glassbeam Raises $10M for Data and Predictive Analytics Platform, Expanding into Smart Hospital Ecosystem
SANTA CLARA, Calif., Dec. 14, 2021 /PRNewswire/ — Glassbeam, Inc., a pioneer in machine data analytics for connected medical equipment, today announced that it raised $10M in a Series B funding led by Appian Way Asset Management, along with a strategic investment from one of its flagship healthcare accounts, MultiCare Health System. The proceeds of this financing will be used to scale up global commercial infrastructure including sales and marketing and product and customer success in order to meet the demands of the multi-billion dollar connected medical machine market. In addition, the company will utilize proceeds to refine and expand its offering to include additional analytical capabilities sought by the market.
The healthcare industry is undergoing a strategic shift from fee to value-based care, forcing providers to transform several areas related to medical equipment uptime and utilization. Efficiency and effectiveness require data driven insights to manage processes for scheduling, optimizing patient workflows and maximizing the utilization of assets that are spread across large hospital systems in a centralized manner.
Powered by artificial intelligence and machine learning technologies, Glassbeam Clinsights™ provides proactive alerts, predictive notifications, prescriptive recommendations and other smart maintenance capabilities for clinical engineering departments. By implementing Glassbeam Clinsights™ to automate the collection and analysis of high volumes of complex data from multiple and diverse endpoints, organizations are in a better position to transform their healthcare operations, lowering operating expenses, increasing the efficacy of delivering care and delivering an attractive return on investment for clients.
“We are excited about our partnership with Appian Way and MultiCare and believe their expertise and networks with large integrated delivery networks can accelerate our penetration of the market,” said co-founder and CEO Puneet Pandit. “There is strong demand for analytics, powered by accurate machine data, from healthcare executives who want to improve decision making that will benefit patients and their bottom line. This funding helps validate our technology, our approach and vision to position Glassbeam as an agent of change in the healthcare industry.”
“Decisions are best made with accurate, actionable information. Glassbeam provides essential data to healthcare executives to help them manage all forms of medical equipment from their imaging departments to their diagnostic labs across their systems through a consolidated dashboard in a way that hasn’t been possible to date. Stakeholders are now realizing the return from deploying Glassbeam software in their systems and the result has positioned Glassbeam for multi-year inflective growth,” said Richard Pines, a Member of Glassbeam’s board of directors appointed by Appian Way Asset Management. “We believe in and are excited to support Glassbeam’s vision for a Smart hospital ecosystem built upon the data and predictive analytics produced by its patented software platform.”
“We continue to expand our investment in patient care by providing proactive and predictive notifications on imaging equipment uptime while increasing machine utilization via our strategic investment in Glassbeam,” said Bradd Busick, SVP and CIO at MultiCare Health System. “The Glassbeam platform allows us to leverage remote diagnostic capabilities, so our BioMed staff avoid unnecessary travel and can remotely manage and troubleshoot issues proactively. This vastly improves machine uptime and utilization across the entire fleet of imaging modalities and moves us from viewing data that is interesting, to data that is actionable. The story is much bigger when you think of all the environmental and smart building infrastructure that powers our facilities. I am excited to partner with Glassbeam in this journey and enhance our Smart Hospital vision for the MultiCare enterprise.”
This new funding comes on the heels of recent, validating customer and partnership announcements with Canon Medical Systems and Deloitte, two leaders in the manufacturing and services related to connected medical machines. Glassbeam has been doubling its annual recurring revenue since 2018, acquiring 75+ customers across 200+ facilities in the US including MultiCare Health System, UCSF Health, Scripps Medical, and Harris Health.
Glassbeam is a pioneer in data and predictive analytics for connected medical machines that brings structure and meaning to complex data generated from a heterogeneous fleet of medical equipment. Only Glassbeam’s patented cloud-based platform is designed to transform and analyze multi-structured data, delivering powerful solutions for enhancing machine uptime and utilization for organizations such as Canon Medical Systems USA, MultiCare Health System, UCSF Health, Scripps Medical, Harris Health, and US Radiology. For more information, visit www.glassbeam.com.
About Appian Way Asset Management
Appian Way Asset Management LP specializes in investment management services to pooled investment vehicles, single investor funds, or separately managed accounts for institutional clients, family offices, high net worth individuals, foundations, and fund of funds. Appian Way focuses primarily on investing opportunistically in public equity securities but will also invest in a wide range of other asset classes across public and private markets. The Appian Way team has significant investment experience in the industrials, materials, technology, consumer, and healthcare sectors. Appian Way employs a bottom-up and top-down fundamental investment approach combined with quantitative tools that attempts to optimize investment selection and risk management. The team draws on decades of experience in fundamental and technical analysis of financial statements, modeling, risk management, technology and predictive analytics, and a vast network of long-standing relationships within their coverage universe. As of November 30, 2021, Appian Way had approximately $500 million of assets under management. For more information, please email [email protected].