Protenus Raises $11M Series B Led by Kaiser Permanente Ventures & F-Prime Capital Partners
From MedCity News:
Health IT startup Protenus (Dreamit Health 2014) has raised $11 million in a Series B round led by Kaiser Permanente Ventures and F-Prime Capital Partners, according to a company release. Arthur Ventures, LionBird Venture Capital, and Cognosante Ventures also participated.
Founded in 2014, Protenus’ platform utilizes artificial intelligence to help hospitals detect privacy breaches in real time. With the new funding, the Baltimore, Maryland-based startup plans to boost its hiring in the sales and customer support sectors. It will also use the money for R&D to expand its technology’s abilities.
In a statement, Jon Lim, a partner at F-Prime Capital Partners, noted:
We are passionate when we meet teams with a unique insight on a market, and the Protenus team recognized early on that the tension between the need to share health data and the inherent risk of unmonitored access to patient information would ultimately require a secure, enterprise-scale solution. The company’s rapid growth to date, coupled with its impressive client roster, showed us that the nation’s leading health systems are choosing Protenus as they grapple with this problem.
The $11 million round builds on Protenus’ $4 million Series A from early 2016. That round was led by Arthur Ventures and included participation from Lionbird Venture Capital, DreamIt Ventures, Cognosante, TEDCO and the Baltimore Angels.
Through the Protenus platform, organizations can analyze each time a contractor, employee or physician accesses patient health data. Additionally, it can pinpoint when hospital staff members are deviating from their normal behavior as far as data viewing is concerned.
In collaboration with DataBreaches.net, the startup also puts out a monthly Breach Barometer, which includes findings on healthcare-related cyberattacks each month.
According to the latest barometer, 28 data breach incidents occurred in November. Information was available for 25 of the occurrences, impacting a grand total of 83,925 patient records. October contained 37 breaches affecting 246,246 records, and September had 46 breaches that impacted 499,144 records.