What you should know:
– The round included the participation of institutional investors Section 32, Eniac Ventures, Anzu Partnersand Dolby Family Enterprises. This round of funding brings the company’s total to date to $34.4 million.
Growing need for medical device cybersecurity
This cycle stems from the growing need to improve the cybersecurity of medical devices as the deployment of medical devices of use increases. Typically, hospitals have on average 10 to 15 medical devices per patient bed. There are approximately 10-15 million medical devices in US hospitals today. An estimated 25% are already online, and that number is expected to rise to 40% (and recent research suggests that number is rapidly approaching 50%). As medical devices increase, so do the threats from potential cybercrimes and increased patient vulnerability.
MedCrypt will use the funds to scale its cryptography, behavior monitoring, and vulnerability inventory products on various types of medical devices, from small devices like blood glucose meters to hospital surgical robots. The funds will also be used to expand MedCrypt’s engineering team to support the exponential increase in market demand for medical device cybersecurity products and services.