MedCrypt, a San Diego-based medical device data security as a service provider, has clinched USD 5.3 million in a Series A round. As per the announcement, the company is to expand its sales and engineering teams while continuing to develop its software product. The funding round was led by Section 32, a California-based venture fund, with additional participation from Eniac Ventures and Y Combinator. MedCrypt offers cybersecurity software to medical devices, from a medical imaging device to implantable devices like pacemakers. The company also ensures that devices act only on instructions from trusted sources.
In a statement, MedCrypt CEO and founder Mike Kijewski stated that “Internet-connected medical technology is entering the market at light speed, calling for devices to be secure by design, which leads to a heightened level of patient safety at all times.” According to him, “We’re thrilled to see continued support from various groups in the industry, from the government to healthcare institutions and device vendors, along with support from our partners to help us further develop our technology and expand our team.” As several medical device security firms are focusing their efforts on provider customers looking to protect legacy equipment, MedCrypt sees an opportunity in contracting with the device makers early on to support latest or upcoming products.
MedCrypt’s software product covers any medical device that has a computer processor and meets the cybersecurity regulations and recommendations which recently stressed by the FDA. The company’s latest financing round comes under a year after MedCrypt raised a USD 1.9 million seed funding, and brings the company’s total fundraising to USD 8.4 million.