As expansive as it might be, the greatest thing you are likely to find in the human arsenal is that tendency to grow on a consistent basis. This particular tendency has already fetched us some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is largely down to its skill-set, which introduced us to all the possibilities that we couldn’t have even imagined otherwise. Nevertheless, if we look a little bit deeper, it will become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, including a perfectly-timed appearance on our healthcare block. Technology’s foray into healthcare couldn’t have arrived at a better time, as it materialized right when the sector was beginning to struggle against its own obsolete structure. This reality, fortunately enough, went through a complete overhaul under the new regime, but even after achieving such a monumental feat, the all-new medtech concept will somehow continue to produce the right goods. The same has only gotten more and more evident on the back of our recent progression, and truth be told, a new funding should make the trend a lot bigger and better moving forward.
MedCrypt, a San Diego-based provider of cybersecurity solutions for medical devices, has successfully secured over $25 million in Series B financing. Led by Intuitive Ventures and Johnson & Johnson Innovation, the round saw further participation coming from the likes of Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures. According to certain reports, the company will use the newly-raised cash to scale up its cryptography, behavior monitoring, and vulnerability management software. Once developed, the stated software should be compatible with various types of medical devices, from small devices like glucose monitors to surgical robots used at hospitals. Apart from it, MedCrypt will also dedicate a chunk of the funds towards expanding its engineering team so to support the market’s exponential increase in demand for medical device cybersecurity products and services.
Founded in 2016, MedCrypt started out with an intention to secure our medical devices in a way that we had never seen before. To realize this ambition, the company will introduce a dedicated line of products, including vulnerability management, threat modeling, security architecture reviews, FDA regulatory strategy, and more. Now, while each service here has a different role, they all seemingly strive towards the common goal of enabling medical device manufacturers in regards to protecting patient data, monitoring devices for security events, and managing device vulnerabilities. MedCrypt’s excellence in what it does is even proven by the fact that it serves “seven of the top 10 medical device manufacturers.” Although the company couldn’t reveal the exact names due to “a variety of non-disclosure agreements/master service agreements in place,” it did reveal how its customer bases ranges from “startup companies working on novel diagnostic and therapeutic devices to top 10 manufacturers aiming to improve the security posture of their broad portfolio.”
Make no mistake, though, MedCrypt isn’t the only company focused on providing IoT cybersecurity solutions to our healthcare space, but most players are actually just applying a single facet of cybersecurity across drastically different industries. MedCrypt, on its part, offers an experience that is tailored to your individual needs.
“What makes us unique is our focus on healthcare and our approach to meeting the specific and unique needs of the medical device space. We develop and deliver cybersecurity solutions to device makers that do not require cybersecurity expertise to implement. The complexity of the healthcare ecosystem — ranging from traditional hospital systems to evolving home care models servicing patients outside of the hospital — make traditional IoT solutions incompatible with the notion of providing safe and continuous care,” said Mike Kijewski, CEO of MedCrypt.
The funding also comes at a very interesting time, considering how nearly 25% medical devices in the US are digitally connected, a figure which is expected to clock 70% by 2025. Hence, having a better cybersecurity structure in place will only add to the sector’s overall reality.
