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Talyst Receives $20 million Funding for Medication Safety Systems |
Talyst has 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.
“Today, fewer than 10 percent of American hospitals are using bar-coded medication doses to assure safety and efficiency. In the next 10 years, nearly all will be,” explained James Torina, Chairman, President and CEO. “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,” James said.
“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,” Richard said.
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