Proteus Digital Health Raises Additional $50 Million in Equity Financing

Digital medicine company Proteus Digital Health has secured $50 million in Series H financing. This investment further strengthens the company’s balance sheet and provides capital to expand the world’s first digital medicine platform, executives said.

The company intends to drive increased adoption of Proteus Discover, its initial service offering, by partnering with health system customers to further demonstrate the outcomes that can be achieved with digital medicine. The additional capital expands the company’s investor base and underscores progress made since closing its previous Series G financing in 2014.

“This financing demonstrates confidence in our digital medicine platform and deliberate, staged approach to market building,” said Andrew Thompson, president and CEO of Proteus Digital Health. “We are at the forefront of the digital transformation of healthcare, and are excited to work with our customers, partners, and investors to help lead the way.”

Digital medicine offerings such as Proteus Discover consist of a sensor-enabled pill, a small wearable patch, and applications that can be accessed through mobile devices and other computers by patients and healthcare providers. Proteus Discover directly measures medication-taking and physiologic metrics to support patient self-management and to help physicians and care teams optimize therapy.

Proteus Discover is a digital medicine offering that includes drugs that communicate when they’ve been taken, wearable sensors that capture physiologic response, applications that support patient activation and physician decision making, and data analytics to serve the needs of health systems. The U.S. Food and Drug Administration (FDA)-cleared Ingestible Sensor, the size of a grain of sand, is co-encapsulated (placed into a capsule) with the patient’s prescribed medications by a pharmacist, based on a healthcare provider’s prescription. When a patient takes the co-encapsulated medication, the Ingestible Sensor sends a signal to the small wearable patch, which records the time each pill is swallowed and also collects physiologic metrics such as heart rate, physical activity, and rest. Though the co-encapsulation model is currently bing sold, Proteus and the company’s partners are undergoing further FDA review for a panel of digital medicines, where the ingestible sensor is directly integrated into the medication.

Headquartered in Redwood City, Calif., Proteus is privately held and funded by institutional and corporate investors, including Novartis, Otsuka, Oracle and Sutter Health.