Recently, medical technology company MedCrypt completed a $5.3 million round A financing. This round of financing was led by Section 32, and followed by Eniac Ventures and Y Combinator. The funds will be used to expand the company’s sales and R&D teams and continue to develop its medical device data protection system.
Since its inception, MedCrypt has completed a four rounds of financing with $8.4 million. Among them, in September 2016, the company completed a $1 million seed round financing led by Safeguard Scientifics; in June 2018, the company completed a $1.9 million seed round financing led by Eniac Ventures.
Founded in 2016 and headquartered in California, MedCrypt is a company that provides data security services for medical devices. The company’s SaaS-based medical device data protection system prevents hackers from attacking medical devices and avoiding unauthorized access. The system is compatible with all medical devices equipped with computer processors, such as medical imaging devices, pacemakers, surgical robots and implantable devices.
With the development of networked medical devices, hospitals and health systems are increasingly dependent on medical devices. Medical device data that is not secure will threaten patients’ health. Hacking a medical device and sending a malicious command can result in injury or death.
Vidya Murthy, vice president of operations at MedCrypt, said in a statement: “Data security for patients has always been a worrying issue. However, the medical technology industry has not enough knowledge of medical device data security. Research shows that network attacks will cause a cardiac arrest in the patient, raising the mortality rate to 13.3% and delaying the treatment time by 4 minutes.”