Glassbeam—which offers machine data analytics for connected medical equipment—has raised $10 million in a Series B funding that will be used to scale up global commercial infrastructure to meet the demands of the multi-billion dollar connected medical machine market.

The proceeds of this financing was led by Appian Way Asset Management, along with a strategic investment from one of its flagship healthcare accounts, MultiCare Health System. In addition, Glassbeam says it will utilize proceeds to refine and expand its offering to include additional analytical capabilities sought by the market.

The healthcare industry is undergoing a strategic shift from fee to value-based care, forcing providers to transform several areas related to medical equipment uptime and utilization. Efficiency and effectiveness require data driven insights to manage processes for scheduling, optimizing patient workflows, and maximizing the utilization of assets that are spread across large hospital systems in a centralized manner.

Powered by artificial intelligence and machine learning technologies, Glassbeam Clinsights provides proactive alerts, predictive notifications, prescriptive recommendations, and other smart maintenance capabilities for clinical engineering departments.

“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,” says Glassbeam co-founder and CEO Puneet Pandit. “There is strong demand for analytics, powered by accurate machine data, from healthcare executives who want to improve decision making that will benefit patients and their bottom line. This funding helps validate our technology, our approach and vision to position Glassbeam as an agent of change in the healthcare industry.”

This new funding comes on the heels of recent, validating customer and partnership announcements with Canon Medical Systems and Deloitte, two leaders in the manufacturing and services related to connected medical machines. Glassbeam has been doubling its annual recurring revenue since 2018, acquiring 75+ customers across 200+ facilities in the US including MultiCare Health System, UCSF Health, Scripps Medical, and Harris Health.

“Decisions are best made with accurate, actionable information. 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’t been possible to date,” says Richard Pines, a member of Glassbeam’s board of directors appointed by Appian Way Asset Management. “We believe in and are excited to support Glassbeam’s vision for a Smart hospital ecosystem built upon the data and predictive analytics produced by its patented software platform.”