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Tuesday, November 29, 2022

MedCrypt announces $25M funding round to boost the security of healthcare

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A startup that provides cybersecurity solutions for medical devices, MedCrypt, has  announced a funding round of $25 million. The company aims to make healthcare a more secure industry.

Healthcare institutions must take cybersecurity more seriously than ever before, since more than 50.4 million patient records were compromised last year.

The recent Series B fundraising round concluded by MedCrypt, a San Diego-based supplier of cybersecurity solutions for medical equipment, reflects this need. On Tuesday, the firm announced a $25 million funding round.

Since its inception in 2016, the firm has raised a total of $34.4 million in funding. Intuitive Ventures, Johnson & Johnson Innovation, Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures were among the investors.

Medical gadgets are more interconnected than ever. In fact, by 2025, approximately 70% of medical devices are expected to be connected, and hospitals often have 10 to 15 medical gadgets for each patient bed.

Healthcare firms updated their technology in order to improve the patient and provider experience, eliminate clinical workflow inefficiencies, and cut costs. However, according to MedCrypt CEO Mike Kijewski, this tremendous growth in connection among medical equipment did not always occur with security in mind.

According to him, the objective of his organization is to guarantee that the medical equipment used by physicians and depended on by patients are as secure as possible. The business offers software to medical equipment manufacturers in order for them to improve the security of their goods, which vary from pacemakers to CT scanners.

Kijewski explained, “MedCrypt wants medical equipment designed with cybersecurity at the forefront of the development process, making them’secure by design’ and thereby keeping users and operators safe from cyber attacks. Our mission is to make the healthcare business more secure and safer.”

Vulnerability management, threat modeling, security architecture evaluations, and FDA regulatory strategies are among the services and solutions offered by the startup. These solutions allow medical device makers to secure patient data proactively, monitor devices for security incidents, and manage device vulnerabilities.

MedCrypt intends to use its Series B funding to expand its cryptography, behavior monitoring, and vulnerability management capabilities.  These items will be intended to work with a wide range of medical instruments, from glucose monitors to surgical robots used in hospitals.

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