Protenus extends Series A funding round, Kaiser Permanente Ventures and F-Prime Capital Partners now on board

By Jeff Lagasse
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Protenus, a patient protection solution aimed at preventing health data breaches, has undergone a $3 million extension of its Series A funding round, led by Kaiser Permanente Ventures with participation from F-Prime Capital Partners and existing investor LionBird Venture Partners.

The new investment will be used to bolster its product, expand its offerings and accelerate sales growth.

The move comes as many hospitals have pivoted to using electronic health records, potentially making certain patient data more vulnerable. In 2016, over 27 million patient records were breached, according to the Protenus Breach Barometer. So far, 2017 has averaged more than one health data breach per day, with over 40 percent of these incidents attributable to insiders.

Protenus uses advanced analytics to identify anomalous behaviors within a hospital's EHR systems. Using an array of artificial intelligence techniques to wrap its head around clinical and administrative workflows, Protenus detects when people access patient data inappropriately. Since its founding in 2014, Protenus has worked to protect the privacy of an estimated 44 million patients.

The company raised a $4 million series A round in February 2016, and with this extension sought to bring in strategic and financial partners with expertise in healthcare and cybersecurity to propel its growth in the market.

Kaiser Permanente Ventures and F-Prime Capital Partners were the primary investors, and Protenus co-founder and president, Robert Lord said the contribution helps the company meet increasing demand.