MedCrypt Raises $1.9 Million in Funding
Medical device cybersecurity technology provider MedCrypt acquired $1.9 million in a new seed funding round led by Eniac Ventures, with participation from Sway Ventures, Nex Cubed, Oronoco Investments, and Friedman BioVentures, as well as existing investors Safeguard Scientifics and LRVHealt. This additional financing brings the company’s total to-date funding to $3 million.
The company says that cyber crime damage costs are projected to reach $6 trillion annually by year 2021, and in 2017 the healthcare industry reported 447 breaches. MedCrypt’s cryptographically embedded security software is designed to help medical device vendors build products that are secure by design and monitor behavior of these devices once they are deployed. MedCrypt-enabled devices, which are ensured to meet FDA cybersecurity regulations, are used by customers Reflexion Medical and QuiO.
The company plans to use the funds to accelerate the commercial deployment of its cryptographically embedded cybersecurity software for medical device makers.