A Baltimore-based startup offering privacy tools for electronic medical records announced Tuesday it had raised $4 million in a fundraising round.
Protenus received funding from a group of investors led by Arthur Ventures, an early stage venture capital firm with offices in Fargo, N.D., and Minneapolis. Other investors in the Series A financing round included LionBird Venture Capital, DreamIt Ventures, Cognosante, TEDCO and the Baltimore Angels.
Founded by a pair of former Johns Hopkins medical students, Protenus offers tools to protect electronic medical records from employee snooping, and identifies when the records are accessed inappropriately.
"Essentially, we've built an immune system for patient data that identifies when medical records are accessed inappropriately," said Nick Culbertson, a co-founder of Protenus with Robert Lord, in a statement. "Our product gives health systems the ability to deeply understand how and why medical records are accessed, and whether or not there is a legitimate reason to look at a given patient's medical or financial information."
The firm's system is in use by Johns Hopkins Health System and in the midst of pilots with the Inova Health System in northern Virginia and the Chesapeake Regional Information System for our Patients, a regional health information exchange based in Columbia.
The money will be used to give the company the necessary scale to reach more potential clients.
"We're tremendously excited to grow our sales, marketing and implementation teams with this additional funding, expanding our reach and market to other leading-edge healthcare institutions," Lord said in a statement.