Talyst, a Bellevue, Wash.-based provider of automated systems to hospitals and other centralized pharmacies to improve accuracy and patient safety, has raised $20 million in Series C funding. Return backers include AIG Investments, Ignition Partners and OVP Venture Partners. The deal includes an up-front investment of $8.5 million, with the remainder to be called down as needed.
Talyst today announced that it received its third round of investment, a $20 million, multiyear commitment. The investment will enable the pharmacy automation company to pursue continued growth in the acute-care hospital market and expand product offerings into new market segments.
The funding comes from prior investors AIG Investments, Ignition Partners and OVP Venture Partners. Initially, $8.5 million of the commitment has been funded; the balance is available for the company to call upon as needed.
“Precise delivery of medications, with the safety and efficiency improvements that result, is fast becoming the standard of care in healthcare organizations. Talyst hospital customers have lead this charge, which has similar potential for all types of healthcare facilities,” explained Carla Corkern, interim chief executive officer. “Beyond acute-care, with this funding, we will leverage our software and hardware solutions into new market segments, including long-term care and correctional facilities.”
“We are pleased to affirm our commitment to Talyst with this further round,” noted Elliot Hayes, Managing Director, AIG Investments, which directed the “A” round of funding in 2005. “In just five years, this company has gone from being an upstart to market leader, with more than 300 hospital clients. What Talyst AutoPharm technology did to bring safety and efficiency advantages to hospitals is being rolled out with Talyst Insite remote dispensing solution for long-term care and correctional healthcare environments.”
About AIG Investments
AIG Investments is a global leader in asset management with extensive capabilities in equity, fixed income, hedge, private equity, and real estate investments. Member companies of AIG Investments manage more than US $750 billion in assets and employ more than 2,500 professionals in 46 offices around the world as of March 31, 2008. AIG Investments is the asset management arm of American International Group, Inc. (NYSE:AIG).
About Ignition Partners
Ignition Partners (www.ignitionpartners.com) is a premier private investment group with offices in Bellevue, Wash. and Shanghai, China. Ignition Partners' affiliated family of funds includes Ignition Ventures and Ignition Growth Capital in the U.S. and Qiming Ventures in China. The investment group's three categories of funds – early stage venture, growth capital and China ventures – brings together an unparalleled combination of domain focus, functional expertise and global operational experience, with partners from leadership positions at Microsoft, McCaw Cellular Communications, AT&T Wireless, Cisco, Starbucks and other industry leaders.
About OVP Venture Partners
For more than 24 years, OVP Venture Partners (www.ovp.com) has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP's record of 52 liquidity events