Glassbeam Secures $10 Million

<p><strong><span class&equals;"xn-location">SANTA CLARA<&sol;span> <&sol;strong>&&num;8212&semi; <u>Glassbeam&comma; Inc&period;<&sol;u>&comma; a developer of machine data analytics for connected medical equipment&comma; has raised <span class&equals;"xn-money">&dollar;10 million<&sol;span> in a Series B funding led by <u>Appian Way Asset Management<&sol;u>&comma; along with a strategic investment from one of its flagship healthcare accounts&comma; <u>MultiCare Health System&period;<&sol;u><&sol;p>&NewLine;<p>The new money 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&period;<&sol;p>&NewLine;<p>The healthcare industry is undergoing a strategic shift from fee to value-based care&comma; forcing providers to transform several areas related to medical equipment uptime and utilization&period; Efficiency and effectiveness require data driven insights to manage processes for scheduling&comma; optimizing patient workflows and maximizing the utilization of assets that are spread across large hospital systems in a centralized manner&period;<&sol;p>&NewLine;<p>Powered by artificial intelligence and machine learning technologies&comma; Glassbeam Clinsights provides proactive alerts&comma; predictive notifications&comma; prescriptive recommendations and other smart maintenance capabilities for clinical engineering departments&period; By implementing Glassbeam Clinsights to automate the collection and analysis of high volumes of complex data from multiple and diverse endpoints&comma; organizations are in a better position to transform their healthcare operations&comma; lowering operating expenses&comma; increasing the efficacy of delivering care and delivering an attractive return on investment for clients&period;<&sol;p>&NewLine;<p>&&num;8220&semi;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&comma;&&num;8221&semi; said co-founder and CEO <span class&equals;"xn-person">Puneet Pandit<&sol;span>&period; &&num;8220&semi;There is strong demand for analytics&comma; powered by accurate machine data&comma; from healthcare executives who want to improve decision making that will benefit patients and their bottom line&period; This funding helps validate our technology&comma; our approach and vision to position Glassbeam as an agent of change in the healthcare industry&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;Decisions are best made with accurate&comma; actionable information&period; 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&&num;8217&semi;t been possible to date&period; Stakeholders are now realizing the return from deploying Glassbeam software in their systems and the result has positioned Glassbeam for multi-year inflective growth&comma;&&num;8221&semi; said <span class&equals;"xn-person">Richard Pines<&sol;span>&comma; a Member of Glassbeam&&num;8217&semi;s board of directors appointed by Appian Way Asset Management&period; &&num;8220&semi;We believe in and are excited to support Glassbeam&&num;8217&semi;s vision for a Smart hospital ecosystem built upon the data and predictive analytics produced by its patented software platform&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;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&comma;&&num;8221&semi; said <span class&equals;"xn-person">Bradd Busick<&sol;span>&comma; SVP and CIO at MultiCare Health System&period; &&num;8220&semi;The Glassbeam platform allows us to leverage remote diagnostic capabilities&comma; so our BioMed staff avoid unnecessary travel and can remotely manage and troubleshoot issues proactively&period; This vastly improves machine uptime and utilization across the entire fleet of imaging modalities and moves us from viewing data that is interesting&comma; to data that is actionable&period; The story is much bigger when you think of all the environmental and smart building infrastructure that powers our facilities&period; I am excited to partner with Glassbeam in this journey and enhance our Smart Hospital vision for the MultiCare enterprise&period;&&num;8221&semi;<&sol;p>&NewLine;<p>This new funding comes on the heels of recent customer and partnership announcements with <u>Canon Medical Systems<&sol;u> and <u>Deloitte<&sol;u>&comma; two leaders in the manufacturing and services related to connected medical machines&period; Glassbeam says it has been doubling its annual recurring revenue since 2018&comma; acquiring 75&plus; customers across 200&plus; facilities in the US including MultiCare Health System&comma; UCSF Health&comma; Scripps Medical&comma; and Harris Health&period;<&sol;p>&NewLine;