Healthcare Industry News: Microsoft
News Release - November 10, 2006
Talyst Receives $20 Million Funding to Accelerate Growth of Medication Safety Systems
Hospitals expected to widely adopt barcoding of drug dosesBELLEVUE, Wash.--(HSMN NewsFeed)--Talyst today announced receipt of $20 million in growth funding that will enable the company to aggressively pursue its go-to-market strategy for systems that automate the distribution of patient medications.
The funding is co-led by Ignition Partners and OVP Venture Partners. For both, Talyst represents a new category of investment that combines information technology and the healthcare supply chain.
Talyst provides automation for central pharmacies, by integrating key medication handling technologies, including packaging, labeling, inventory and storage solutions, all driven by its proprietary AutoPharm® Software. The four-year-old firm has installed its systems in more than 200 hospitals across the country, and expects to double that number in the coming year. Last month, the company was ranked #33 among the state's Fastest-Growing Private Companies, by the Puget Sound Business Journal, reflecting a doubling in year-over-year revenue.
Talyst solutions connect with all major brands of pharmacy equipment and hospital information systems, to enable quick, successful hospital implementation of medication barcoding and supply chain tracking.
"Today, fewer than 10 percent of American hospitals are using barcoded medication doses to assure safety and efficiency. In the next 10 years, nearly all will be," explained James E. Torina, chairman, president and chief executive officer. "We are on a remarkable growth trajectory. This investment, by highly accomplished locally based partners, will fuel our continued growth in acute care, while facilitating our expansion into other pharmacy automation markets."
"Ignition is very excited about Talyst. The company is delivering products which close critical gaps in delivering patient safety and hospital efficiency, while integrating with other, existing systems," said Richard Fade, venture partner at Ignition Partners. "We are impressed by the management and by the progress to date. We look forward to supporting the company's continued success."
"Part of what makes Talyst stand out for us is that such fast growth is rare in health care, where regulatory and budget limitations often introduce obstacles," explained Lucinda Stewart, general partner at investor OVP Venture Partners. "By virtue of our domain expertise in healthcare operations, we see medication barcoding is a national and global trend that is not to be missed."
Fade and Stewart will both become members of the Talyst Board of Directors. Talyst's prior institutional funding was for $9 million, from AIG Horizon Partners Fund, L.P., in March 2005. At the time, the company was operating under its original name, Integrated Healthcare Systems. The Talyst name was adopted last December.
About Ignition Partners
Ignition Partners, LLC (www.ignitionpartners.com) headquartered in Bellevue, Wash., is a premier venture capital firm dedicated to helping the best entrepreneurs seize opportunities. Ignition invests in emerging leaders in communications, Internet, software and services across business and consumer targets. The firm brings together an unparalleled combination of domain focus, technical expertise, and global operational experience. Ignition's partners are proven business leaders who have built some of the world's most successful businesses of the last two decades, including Microsoft Windows and Office, McCaw Cellular Communications, AT&T Wireless and Starbucks.
About OVP Venture Partners
For more than 20 years, OVP Venture Partners, with offices in Kirkland, Wash. and Portland, Ore., has been funding industry-leading companies in the Pacific Northwest. In that period, the firm has invested in more than 100 companies and has driven 50 liquidity events, including 22 successful IPOs, and 28 mergers and acquisitions. The firm has over $700 million in committed capital under management and invests in network infrastructure, digital biology, semiconductors and electronics, software and nanotechnology. For more information, visit www.ovp.com.
About Talyst
Talyst enables the intelligent pharmacy. The company provides automated systems to hospitals and other centralized pharmacies, to reduce costs and increase productivity, while improving accuracy and patient safety. Its equipment and software are used to package, barcode, store and track drug inventories. For more information, see www.talyst.com or call 877-4-Talyst (877-482-5978).
AutoPharm is a registered trademark, while Talyst and Engineering the Intelligent Pharmacy are trademarks of Talyst. Other trade names are the property of their respective owners.
Source: Talyst
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