AAA Protenus complies with corporates to raise $17m

Protenus complies with corporates to raise $17m

US-based healthcare compliance software provider Protenus received $17m on Tuesday in a series C round featuring healthcare providers Kaiser Permanente and Providence St Joseph Health.

Growth equity fund LTP led the round, investing alongside F-Prime Ventures, a venture capital subsidiary of investment and financial services group Fidelity International, as well as Arthur Ventures and LionBird.

Kaiser Permanente and Providence St Joseph participated through respective corporate venturing units Kaiser Permanente Ventures and Providence Ventures.

Founded in 2014, Protenus has created an analytics-powered software platform that assists healthcare providers in maintaining compliance procedures, helping to prevent the misuse of sensitive patient data and controlled substances held on medical premises.

The software relies on artificial intelligence to track user behaviour within healthcare IT systems and spot anomalous activities by employees, doctors or contractors.

The series C funding will support the company’s sales plans as it seeks to promote its product across the healthcare industry. Jared Kesselheim, co-founder and managing partner of LTP, has joined its board of directors.

Protenus closed a $7m series A round that included Kaiser Permanente Ventures, F-Prime, LionBird, Arthur Ventures, healthcare IT services provider Cognosante, DreamIt Ventures, Baltimore Angels and Tedco in mid-2017.

Kaiser Permanente Ventures and F-Prime Capital then co-led the company’s $11m series B in January 2018, with backing from Cognosante’s strategic investment subsidiary, Cognosante Ventures, Arthur Ventures and LionBird.

Leave a comment

Your email address will not be published. Required fields are marked *