Protenus Raises Series D After Doubling Revenue While Reducing Risk for Health Systems

MemorialCare Innovation Fund joins Protenus current investors in the $21M round 

BALTIMORE -- Protenus, the nation’s leading healthcare compliance analytics firm, announced today a $21M investment from some of the country’s top healthcare technology investment firms. Protenus helps thousands of hospitals reduce risk and scale compliance by eliminating unauthorized EMR snooping and narcotic drug diversion, intractable and growing threats throughout the industry.

“The increased adoption of compliance AI and automation has allowed health systems, across the country, to focus on the shifting priorities of COVID-19 patient care without worrying about threats to their organization going undetected,” said Brant Heise, Managing Director of MemorialCare Innovation Fund. “Many hospitals are operating under a resource-constrained environment and having Protenus serves as a force-multiplier that scales compliance while freeing up staff resources.” 

Protenus was named one of Forbes Best Startup Employers for the past two years, and one of the best places to work in healthcare by Modern Healthcare for the past four years. Protenus was also recognized as a “Cool Vendor” in Healthcare Artificial Intelligence by Gartner, Inc. and named the 2020 and 2019 KLAS Category Leader in Patient Privacy Monitoring. Founded in 2014, the company helps the country's leading healthcare organizations reduce risk and scale compliance.

“Throughout this past year, I have been amazed to watch health systems across the country display unparalleled strength and resiliency throughout the COVID-19 pandemic,” said Nick Culbertson, Protenus CEO. “The Protenus team is excited to continue to scale and set a high standard for how health systems ensure compliance.”

Protenus has continued to transform the industry with its ground-breaking AI-powered analytics. All existing investors – including Transformation Capital, Providence Ventures, F-Prime Capital, Kaiser Permanente Ventures, Arthur Ventures, and Lionbird – joined MemorialCare as well as Gaingels in contributing to the $21M Series D funding round, which will accelerate growth and continued product innovation.

“This new capital will be used to foster innovation throughout the healthcare industry with increased R&D efforts while also accelerating our growth as we capitalize on market opportunities,” said Brian Holtmeier, Protenus CFO. “We’re also extremely excited to be recognized for our inclusive work environment by an investment group like Gaingels that works to influence social change and supporting the LGBT+ community.”

About Protenus

Protenus uses artificial intelligence to reduce risk and save resources for the nation’s leading health systems. Compliance analytics provide healthcare leaders full insight into how health data is being used, and alerts privacy, pharmacy and compliance teams to inappropriate activity that put patients and their data at risk. For two consecutive years, Protenus was named one of Forbes’ Best Startup Employers and one of CBInsights Digital Health 150. Protenus was also named the 2020 and 2019 KLAS Category Leader in Patient Privacy Monitoring. Protenus was named one of The Best Places to Work in Healthcare by Modern Healthcare for four straight years, one of the Best Places to Work in Baltimore by the Baltimore Business Journal, and the Baltimore Sun. Protenus was also recognized as a “Cool Vendor” in Healthcare Artificial Intelligence by Gartner, Inc. Learn more at Protenus.com and follow us on Twitter @Protenus.

About MemorialCare Innovation Fund

MemorialCare Innovation Fund (MCIF) brings strategic investment funding to accelerate the development of companies in the healthcare information technology, healthcare services, and medical device sectors that can advance high-quality, effective healthcare. MCIF is focused on companies offering innovative products, services, and technologies which help healthcare systems significantly improve performance and outcomes and achieve their community missions. To learn more about the MemorialCare Innovation Fund, please visit: www.MemorialCareInnovationFund.com

Media Contact

Angie Stewart
Content Specialist
angie.stewart@protenus.com