MedCrypt, a San Diego, CA-based proactive cybersecurity solution provider for medical devices, announced that it raised $25 million in a Series B funding round, bringing the company's total to date to $34.4 million.
This round included marquee strategic investments by Intuitive Ventures, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), and participation by institutional investors Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures.
MedCrypt will use these funds to scale their cryptography, behavior monitoring, and vulnerability inventory products across various medical devices, from small devices like glucose monitors to hospital-based surgical robots.
The funds will also be used to expand MedCrypt's engineering team to support the market's exponential increase in demand for medical device cybersecurity products and services.
"We're past the point of debating the need for improved healthcare cybersecurity, and it's exciting to see the industry putting more time and attention into addressing this issue," said Mike Kijewski, MedCrypt CEO. "We're honored to be backed by some of the biggest venture funds in healthcare who understand and support our mission to provide proactive cybersecurity solutions that will help create a more secure future."
Company: MedCrypt, Inc.
Round: Series B
Funding Month: November 2022
Lead Investors: Intuitive Ventures, Johnson & Johnson Innovation – JJDC, Inc. (JJDC)
Additional Investors: Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures
Company Website: https://www.medcrypt.com/
Software Category: Proactive Cybersecurity Solution
About the Company: MedCrypt is a fast-growing YC (winter '19) company that provides proactive cybersecurity solutions for medical devices. MedCrypt's solutions are built specifically for medical devices, which means clinical functionality, patient safety, and care delivery are always the highest priorities. It combines cybersecurity technology products with management consulting, decision science, and regulatory strategy that is 100% focused on supporting medical device manufacturers. MedCrypt's platform brings core cybersecurity features to medical devices with just a few lines of code, ensuring devices are secure by design. MedCrypt currently provides enhanced security features and services for seven of the top 10 medical device manufacturers and startups, and mid-sized companies.