Baltimore health IT startup Protenus has raised $4 million to expand marketing and sales of its electronic medical record security system.
The Series A round was led by Arthur Ventures, with investments from LionBird Venture Capital, DreamIt Ventures, Cognosante, the Maryland Technology Development Corp. and the Baltimore Angels.
“The next step of our growth is to branch out,” said Robert Lord, a co-founder of Protenus
Lord and Nick Culbertson founded the company as medical students at Johns Hopkins in 2014.
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Protenus specializes in detecting and thwarting threats to the electronic health record systems used at hospitals. The company currently works with Johns Hopkins Health System and has a pilot program with Inova Health System in Virginia.
Protenus’ latest funding will allow the company to expand its marketing and sales teams to go after more health system clients.
Lord and Culbertson said they will target hospitals across North America.
Protenus also hopes to expand on a recently completed a pilot with CRISP (the Chesapeake Regional Information System for our Patients), a statewide patient record system that all Maryland hospitals can access.
Protenus has grown from two employees to a staff of 14 over the past year, and expects to hire another 10 employees in the next year. New hires will be focused in sales and marketing.
To accommodate its growing staff, Protenus will likely need a bigger office. The company currently has about 1,000 square feet at Canton’s Broom Factory, where it works with the health IT consulting firm Sage Growth Partners.
Lord and Culbertson said they hope to move to a larger space in the next six months.
Date: February 16, 2016