Proteus Digital Health last week said that it raised a $50 million Series H equity round it plans to use to expand the footprint of its Discover “smart pill.”
The device uses an ingestible sensor, the size of a grain of sand, which is activated when it reaches the stomach and communicates with a wearable sensor patch which records time of ingestion and personalized data such as heart rate, physical activity and rest. The data can be seen by a patient through a mobile app, which can be shared with healthcare professionals to optimize patient treatment.
Redwood City, Calif.-based Proteus said it plans to use the Series H proceeds to expand its base among healthcare providers for the Proteus Discover system.
“This financing demonstrates confidence in our digital medicine platform and deliberate, staged approach to market building,” president & CEO Andrew Thompson said in prepared remarks. “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.”
Proteus closed the $172 million Series G round in July 2014; previous backers include Medtronic (NYSE:MDT), Novartis(NYSE:NVS) and Kaiser Permanente. The FDA approved the Discover device in 2012, 2 years after it won CE Mark approval in the European Union.