Proteus Digital Health, a Redwood City, Calif.-based startup company that has created a digital platform that tracks medication adherence, received new funding and received more than $172 million in venture capital.
The company uses wearable and ingestible sensors that patients take with their medicine. The sensor is powered by stomach fluids and a person's body transmits the unique number generated by the sensor. A disposable patch receives the body's vitals and sends it to a Bluetooth-powered digital application, which visualizes the data for providers and patients.
Among other things, the platform can track which medications patients are taking. Proteus says it can also help providers identify at-risk patients and allow them to intervene as they see problems escalate.
The company is currently undergoing commercial pilots in both the United States and United Kingdom. It has received clearance for use in both Europe and the U.S.
The latest round of funding for the startup is a $120 million investment from new major institutional investors based in the United States, Europe and Asia. It is a Series G financing, Proteus says.
“The digital health market is rapidly forming. Investor confidence in Proteus is driven by customer excitement, our superior board and leadership team and a unique technology platform that enables us to link one of the most valuable industries of the 20th Century – pharmaceuticals – to the most important utility of the 21st: the mobile internet," Andrew Thompson, President and CEO of Proteus, said in a statement.
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