Proving the Business Case for the Internet of Things

Proteus Digital Health raises $120 million in funding, appoints new CFO

Iain Morris
June 4, 2014
 
Medical device player Proteus Digital Health has raised $120 million in a new round of funding it says will support its plans to commercialize digital medicines “at scale”.

The company has also hired former Hewlett-Packard (Palo Alto, CA, USA) executive Steve Fieler as chief financial officer, and appointed Jonathan Symonds – previously the chief financial officer of pharmaceuticals giant Novartis (Basel, Switzerland) – to its board of directors.

Fieler previously worked as chief financial officer of HP’s software division, which generates annual revenues of about $4 billion.

Proteus (Redwood City, CA, USA) hopes to benefit from his considerable operational and financial management experience in the technology industry.

The company indicated that major new institutional investors based in the US, Europe and Asia participated in its latest round of financing, but did not disclose their identities.

“We are at the beginning of a new growth cycle in the pharmaceutical industry driven by breakthrough technology in areas like stem cells, genomics and digital platforms,” said Symonds. “Proteus Digital Health has created a remarkable leadership position in the digital health care market by enabling medicines to communicate with the internet.”

“This technology has the potential to enable Proteus Digital Health and its partners to re-engineer the existing commercial assets of the pharmaceutical industry in order to create high value proprietary products that leverage the drugs they already sell using the mobile phone in every consumer’s pocket.”

Proteus is aiming to improve the effectiveness of existing pharmaceutical treatments through the use of Internet of Things technologies, allowing families and doctors to make better decisions about health.

It has developed what it calls a digital health feedback system that offers a view into an individual’s “personal health choices”, and has also received regulatory clearance to market its wearable and “Ingestible Sensor” devices in Europe and the US.

“We are entering the commercial era of the Internet of Things (IoT) – your car, your clothes and increasingly your personal care products are going to be connected,” said Andrew Thompson, Proteus Digital Health’s chief executive.

“Our focus is on partnering with major health systems to deliver solutions that enable consumers and their families to switch on their own healthcare, creating critical information that can be used to ensure they and their doctors make positive decisions about use of medicines and personal health choices,” he added.
 
 
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