Protenus raises $3 million to advance sales of electronic medical record security tools

Protenus, a Baltimore startup that develops security tools for electronic health records, has raised $3 million to expand product offerings and grow sales.

The new funding is an extension of the company’s Series A financing round, first announced in February 2016, and brings the round’s total to $7 million.

The latest funding comes from Kaiser Permanente Ventures, with F-Prime Capital Partners and prior investor LionBird Venture Partners.

“An investment from Kaiser Permanente Ventures and F-Prime Capital Partners will support the company as we advance our efforts to bring this innovative next-generation solution to the patient privacy monitoring market,” said Protenus President Robert Lord in a statement.

Lord and CEO Nick Culbertson, former Johns Hopkins medical students, founded the company in 2014.

Protenus’ security tools allow hospitals to detect when patient records are accessed inappropriately, helping them avoid a data breach.

Data breaches cost hospitals millions of dollars a year, and as the threat to vulnerable electronic patient records grows, Protenus sees an opportunity to accelerate its sales among health systems.

“With this more modern approach, we’ve been able to tap into immense market growth while protecting the critical and trusted relationships hospitals have with their patients,” Culbertson said in a statement.

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