Sage Growth Partners Venture Management Program partner, Protenus, receives funding from Cyber Investment Fund and Propel Baltimore Fund
Baltimore, MD – March 20, 2015 ● Sage Growth Partners (SGP), a healthcare strategy, technology, and marketing firm based in Baltimore, today announced that Protenus, one of its Venture Management Program partners, has been awarded funding from The Maryland Technology Development Corporation (TEDCO), and both its Cybersecurity Investment Fund (CIF) and Propel Baltimore Fund.
Protenus, who has developed a cybersecurity solution that detects privacy breaches to healthcare data, is one of three Maryland companies that each received $100,000 in funding from TEDCO’s CIF. The Fund supports Maryland companies who are working to develop and commercialize new cybersecurity products or services. In addition to funding from the CIF, Protenus has been granted an additional $50,000 as part of the Propel Baltimore Fund’s “Seed Baltimore Option.” TEDCO has made a total investment of $150,000 in Protenus.
According to Rob Rosenbaum, President and Executive Director of TEDCO, “CIF is the first dedicated cybersecurity fund created in the State to help establish Maryland as the innovation of hub of information security.” TEDCO selected Protenus as a recipient of their investment due to the confidence the Fund and TEDCO has in the company’s ability to “accelerate their development and commercial launch.”
Robert Lord, Co-Founder of Protenus says, “We are thrilled to have the support of TEDCO. As a recipient of the CIF award, this is validation from the cybersecurity community that Protenus has a promising product and go-to-market strategy that others see as a worthy investment.”
Co-Founder Nick Culbertson adds, “We are excited to see Maryland and influential institutions like Johns Hopkins, where we have completed a development pilot, advance the state of privacy protection for patient data on behalf of healthcare organizations around the country who face these real and growing threats daily.”
“We are excited to see the progress Protenus is making and the acknowledgment it is receiving from important industry experts like TEDCO,” said Sage Growth CEO Don McDaniel. “As part of our Venture Management Program, we are fully committed to supporting their continued growth from a young start-up with a bold idea to a widely accepted solution that strengthens hospital and healthcare delivery organizations confronting difficult security challenges.”
About Protenus, Incorporated
Protenus Inc. is a Baltimore startup that helps hospitals protect patient data in the electronic medical record by using a leading-edge analytics to detect and thwart insider threats. The company was founded in 2014 by Robert Lord and Nicholas Culbertson, medical students who put their studies on hold to solve a huge and growing problem in healthcare. With an initial round of funding complete, Protenus, Inc. is focused on commercializing their proactive cybersecurity solutions to the healthcare market.
About Sage Growth Partners
Sage Growth Partners (SGP), a healthcare strategy, technology, and marketing firm, provides insight, advice and multi-disciplined execution to growth-minded health care organizations nationally, including hospitals, health systems, physicians groups, insurers, trade associations, and academic institutions. With deep roots in the business of health care, SGP delivers results to difficult industry and organizational challenges.
Founded in 2005, SGP is located in Baltimore, MD and serves clients such as GE Healthcare, Boston Scientific, SAS, Stericycle, Availity, HeartFlow, IngagePatient, R Adams Cowley Shock Trauma Center, University of Maryland Medical Center, National Association of Community Health Centers, and Boston Medical Center.