MedCrypt injects $25M to secure vulnerable medical devices • TechCrunch
The Internet of Things is booming in the healthcare sector. A typical hospital has hundreds of connected devices ranging from implantables, wearables, monitors, workflow and imaging to patient data systems. But while these tools are helping healthcare providers automate workflows and reduce the risk of error, common security vulnerabilities found in these tools are also putting patients at risk.
FBI warned in september That more than half of medical devices connected in hospitals were known to have critical security vulnerabilities, and these vulnerabilities are causing a rise in attacks on the healthcare industry.
This increase in vulnerabilities has also led to increased regulation. After COVID-fueled delays, the US Food and Drug Administration issued an update to its Premarket Cyber Security Guidance And Postmarket Cyber Security GuidanceOutlining recommendations relating to the design and maintenance of medical devices.
“That’s when we started seeing device manufacturers really start making changes,” said Mike Kizewski, founder and CEO of San Diego-based cybersecurity software maker MedCrypt. medical devices. Prior to founding MedCrypt, Kijewski was the founder of Gamma Basics, a radiation oncology-focused software startup.
medcrypt is A Y Combinator graduate that provides software for anything the FDA will consider a medical device where cybersecurity may be a concern, from insulin pumps and heart rate monitors to AI-based radiology equipment and autonomous robot, All of these devices suffer from three common problems, Kiejewski tells TechCrunch: outdated software, user authentication and a lack of good cryptography.
“Historically, healthcare companies assume that, well, if my device is operating inside a hospital, we can trust the people inside the hospital, and if a bad guy comes into the hospital, that’s our problem. No,” Kiejewski said. “So they’ll use the same username and password for every device that gets shipped out there.”
MedCrypt announced this week that it has raised $25 million in Series B funding, led by Intuitive Ventures and Johnson & Johnson Innovation, to help device makers meet these FDA requirements to bring critical devices to market faster. can be brought Investment comes after three years Raised $5.3 million in Series A fundingOne gap that the startup says was due to the uncertainty created by the COVID-19 pandemic.
“There was a 12 to 18-month gap in market progress as we predicted, but now we are back on track,” Kiejewski said.
MedCrypt works with most of the top medical device makers and says its latest investment – Section 32, backed by Eniac Ventures, Anzoo Partners and Dolby Family Ventures – will help it bring both its product and its team to the hands of a company. More.
However, MedCrypt’s end goal is far more expansive. “I think there’s an opportunity to be a very large, publicly traded healthcare-specific cybersecurity company,” Kiejewski said. “I want to be the only one to build that company.”
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