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20 June 20214 minute read

DLA Piper advises Protenus in US$21 million Series D fundraise

DLA Piper represented Protenus, a Baltimore-based healthcare compliance analytics company, in its US$21 million Series D fundraise. The round included existing investors Transformation Capital, Providence Ventures, F-Prime Capital, Kaiser Permanente Ventures, Arthur Ventures and Lionbird, as well as the new addition of MemorialCare and Gaingels.

Founded in 2014, Protenus helps health systems leverage healthcare compliance analytics to demonstrate 100 percent compliance and proactively identify risk across the organization, such as inappropriate access to patient data and the theft and misuse of controlled substances by hospital staff.

“It was a pleasure to once again partner with Protenus to complete this investment round, which will enable Protenus to continue its innovative work in data science and AI and further its mission of helping health systems reduce risk and conserve resources,” said Matthew Gorra, the DLA Piper partner who led the firm’s deal team.

“Partnering with an experienced law firm like DLA Piper provides Protenus with the sophisticated guidance and support needed to navigate complex transactions in a timely manner,” said Brian Holtmeier, Protenus CFO. “Negotiating a successful funding round with great partners provides us with the necessary resources to continue scaling as we focus on innovation in compliance analytics. This mission has never been more critical, as hospitals face operating in a resource-constrained environment, along with the shifting priorities of patient care resulting from COVID-19.”

In addition to Gorra, the DLA Piper team representing Protenus included associates Brendan Kelly and Tristan Meagher (all of Baltimore).

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including healthcare, insurance, biotech, manufacturing, communications, software and semiconductors. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.

DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.