Fells Point-based healthcare analytics compliance firm Protenus closed on $21 million in new funding as it sees continued growth for AI-based analytics in hospital systems.
The Series D round included participation from new investors MemorialCare Innovation Fund, the venture fund of Southern California’s MemorialCare Health System, and Gaingels, a syndicate representing the LGBT+ community and allies. All of the company’s existing investors also joined the round, including Transformation Capital, Providence Ventures, F-Prime Capital, Kaiser Permanente Ventures, Arthur Ventures and Lionbird. The company has now raised $57.2 million.
Using AI-based analytics, Protenus works with hospitals to monitor snooping in electronic medical records and narcotic drug diversion, which is when prescription drugs are obtained illegally. This allows leaders to see how data is being used, and provides alerts if there is anything inappropriate. Healthcare in general is regulated by strict privacy laws, and Protenus’ platform helps to ensure