Eniac leads MedCrypt in $1.9M seed round to scale cryptographically embedded software for medical devices
By Tim Young, Eniac Founding General Partner
We are excited to announce the latest company to join the Eniac portfolio: MedCrypt, a San Diego-based company that provides cryptographically embedded cybersecurity software for medical devices.
Cyber attacks are a growing epidemic and the wake of damages is expected to reach upwards of $6T annually by 2021. In healthcare, cyberattacks can mean life or death, and FortiGuard Labs reported that healthcare organizations experience more than twice the number of attacks on average as compared to organizations in other vertical markets. This has gained the attention of top medical device manufacturers and the FDA, which recently released their Medical Device Safety Action Plan.
MedCrypt’s cryptographically embedded security software enables medical device companies to secure and monitor the behavior of their devices and meet the new FDA cybersecurity regulations. MedCrypt will also be uniquely positioned to acquire and leverage a proprietary, cross-platform dataset providing device companies, hospitals, and medical facility security teams with a more robust solution to monitor and protect in real-time.
We are excited to see MedCrypt successfully tackling these concerns head-on and building the next generation of healthcare cybersecurity. Founder and CEO Mike Kijewski has a deep understanding of the space and believes that building a proprietary dataset of device communications will be the fundamental building blocks of data and cybersecurity going forward. With a Master of Medical Physics from UPenn and an MBA from Wharton in Health Care Management, he founded Gamma Basics, a software application for radiation compliance, with Eric Pancoast. In less than four years, Gamma Basics was acquired by Varian Medical Systems and in 2016, Mike and Eric joined forces again to launch MedCrypt.
Our team is excited to support Mike, Eric, and team in continuing to build out MedCrypt as the most comprehensive security layer for healthcare IT.