MedCrypt, a provider of medical device cybersecurity technology, has secured $1.9 million in new funding. The round was spearheaded by Eniac Ventures. Nex Cubed, Oronoco Investments, Sway Ventures and Friedman BioVentures also participated. The seed financing will allow MedCrypt to continue to develop its technology and deploy its software into more of its customers’ devices. The Encinitas, California-based startup utilizes cryptography to protect information sent to and from medical devices. MedCrypt customers can remotely monitor what their devices are doing in real time. Via email, co-founder and CEO Mike Kijewski described the company’s approach as such: The software assists medical device vendors in creating connected, secure devices. “We then allow a device vendor to address security issues as they arise, by both easing the software patching process and monitoring device behavior for suspicious activity,” he said. When asked what sets MedCrypt apart from other vendors in the space, Kijewski pointed to how his startup focuses on helping entities add security features to their existing and future medical devices rather than addressing legacy and insecure devices. He added that while other cybersecurity products rely on device vendors’ engineers for proper tech implementation, MedCrypt “has an easy-to-use API, making it as easy as possible for these engineers to add the cybersecurity features the FDA is requiring and getting them back to building innovative clinical functionality as quickly as possible.” The startup’s existing customers include Reflexion Medical, a company creating a biology-guided radiotherapy system for oncology, and QuiO, which develops smart injection devices. Looking forward, the California company anticipates more MedCrypt-enabled devices coming to the market over the next six months. “A year from now, we expect to have learned a lot about what ‘normal’ device behavior looks like in the field, and be able to better spot anomalous behavior using those learnings,” Kijewski added. MedCrypt also raised $750,000 from Safeguard Scientifics and various angel investors in 2016. Photo: HYWARDS, Getty Images
MedCrypt has raised 750,000 towards further developing its medical device cybersecurity technology. The company uses cryptography to protect data sent to and from medical devices, and lets customers remotely monitor them in real time. The funding round, which was led by Eniac Ventures with participation from Mike Kijewski , Eniac Ventures , Eniac Ventures and Friedman BioVentures , will also let MedCrypt distribute its software to more devices.