Glytec, a company whose technology helps diabetics monitor and manage their blood glucose levels, has raised $8.27 million in equity financing that the company will use to support growth in the United States and abroad, as well as for continued research and development.
According to securities filings, the glycemic management systems company’s parent targeted the round to reach up to $10 million. The series A preferred stock financing was led by Sea Dragon Healthcare Partners. Also participating in the round was Standard Pacific Capital Holdings. For Sea Dragon, the investment follows a round of fundraising for itself; securities filings show the firm recently secured $14.6 million in a round targeting $150 million. The first sale in the Glytec offering was one day after the Sept. 7 filing for Sea Dragon’s fundraise.
Greenville, South Carolina-based Glytec is a subsidiary of company GlucoTec, a private company also located in Greenville. Glytec sells real-time glycemic management systems to make individualized dosage recommendations for insulin, glucose and saline. Glytec’s systems can be installed locally or operated remotely over the Internet. Glytec’s software is compatible with BlackBerry, Android and iPhone mobile devices.
Glytec said the financing will be used to expand its direct sales force in the United States, as well as increase its international presence. The money will also be directed to pursue additional R&D.