Proteus Digital Health raises $120M to advance digital medicine, adds HP CFO

Proteus Digital Health, with an FDA-approved technology embedded in medication that can confirm whether people have taken their meds, has raised $120 million from new investors. The Internet of Things company offers a compelling approach to whittling down costs related to poor compliance estimated at nearly $300 billion. Proteus Digital Health will use the fresh […]

Proteus Digital Health, with an FDA-approved technology embedded in medication that can confirm whether people have taken their meds, has raised $120 million from new investors. The Internet of Things company offers a compelling approach to whittling down costs related to poor compliance estimated at nearly $300 billion.

Proteus Digital Health will use the fresh capital to commercialize its digital medicines, which integrate medicines with ingestible, wearable, mobile and cloud computing and help patients, their families and physicians make more informed medical decisions.

The technology combines biotech and digital health. Stomach juices activate an energy source — similar to a potato starch battery.  The embedded sensor sends signals to a skin patch electrode which wirelessly transmits information such as vital signs, body position and verification of medication ingestion.

HSBC Bank Chairman Jonathan Symonds joined the board of directors as part of the financing round. He said the company’s Internet of Things 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 also added a CFO. Steve Fieler previously served as CFO of Hewlett-Packard’s software division.

Partnerships with health systems will help drive new business for the company, according to CEO Andrew Thompson. “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.”

The Internet of Things is an exciting area of development for medical devices but it also spans many different industry sectors. Investment in IoT companies topped $1 billion last year. About 61 IoT companies in the healthcare space received investment, according to CB Insights.