Data / Funding / Health tech / Venture capital

Protenus raises $17M in Series C funding round

LTP led the investment round in the Fells Point-based healthcare analytics compliance company, which is looking to accelerate sales.

The kitchen at Protenus' Fells Point office. (Photo by Stephen Babcock)

Healthcare analytics compliance company Protenus raised $17 million in new funding, its leadership announced this week.

The Series C round was led by LTP, which focuses on investments in health IT and services companies. Also participating in the round were Kaiser Permanente Ventures, F-Prime Capital, Arthur Ventures, Lionbird and Providence Ventures.

Founded in 2014 by Nick Culbertson and Robert Lord, Protenus’ platform uses AI to provide visibility for healthcare systems into how data is being used. It’s designed to help organizations proactively address issues that could be a problem, such as inappropriate access to patient data. The company said the funding round will help to accelerate sales as it looks to partner with healthcare institutions.

With the funding round, LTP cofounder and Managing Partner Dr. Jared Kesselheim will join Protenus’ board.

“Protenus is leading the industry by using their expertise in healthcare compliance analytics to better protect patient data, as well as better protect hospital workforce from the dangers of clinical drug diversion,” Kesselheim said in a statement. “We are very excited to partner with Nick and the Protenus team as they continue to innovate the healthcare industry.”

The funding round comes after the company moved to a new office at Browns Wharf in Fells Point earlier this year. We’ve also caught up with multiple team members to talk about the organization’s growth in recent months:

  • In an ebook, VP of People Operations Megan Emhoff talked about the company’s hiring strategy.
  • Ellen Ambrose discussed her path from academia to becoming the director of data science at the company in March.
  • Getting inside the company’s tech stack, CTO Chris Jeschke has discussed technical decision points that helped the company scale.

Protenus has continued to add to its team. Earlier this month, the company made an addition to its leadership team, as Monica Giffhorn joined as VP of marketing. Previously senior director of marketing at Conduent, Giffhorn also served in strategy and digital marketing leadership roles at Accenture, and, the company said.

Companies: Protenus

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