GrayBug, Protenus and NextStep Robotics top Baltimore's recent funding news

GrayBug, Protenus and NextStep Robotics top Baltimore's recent funding news
Photo: GrayBug
By Hoodline - Published on August 26, 2019.

Baltimore-based biotechnology company GrayBug has secured $80 million in Series C funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Aug. 20 and led by C-Bridge Capital.

According to its Crunchbase profile, "GrayBug is developing a continuum of proprietary micro- and nanoparticle controlled release technologies and implants for strategic partnership and its own therapeutic products for major ocular disease indications, including wet AMD and glaucoma."

The 9-year-old company has raised five previous funding rounds, including a $44 million Series B round in 2016.

The round brings total funding raised by Baltimore companies in biotechnology over the past month to $81 million, an increase of $73 million from the month before. The local biotechnology industry has produced 14 funding rounds over the past year, yielding a total of $121 million in venture funding.

In other local funding news, analytics and cybersecurity company Protenus announced a $17 million Series C funding round on Aug. 20, led by Leerink Transformation Partners.

According to Crunchbase, "The Protenus healthcare compliance analytics platform uses artificial intelligence to audit every access to patient records for the nation’s leading health systems. ...  Protenus helps our partner hospitals make decisions about how to better protect their data, their patients and their institutions."

Founded in 2014, the company has raised seven previous rounds, including a $11 million Series B round in 2018.

Meanwhile, NextStep Robotics raised $1 million in grant funding, announced on Aug. 21. The round was financed by National Institutes of Health.

From the company's Crunchbase profile, "NextStep Robotics provides clinics the ability to offer personalized robotic therapy to patients through adaptive software that provides a personalized assist as needed approach. This is the first-ever clinically proven option to effectively treat foot drop. Their robot is easy to use and designed to be run by lower-skilled clinic staff, freeing up therapists to focus on more hands modalities."

NextStep Robotics last raised $600,000 in seed funding earlier this year.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.