MedCrypt Closes Series A Funding
I’m excited to announce that MedCrypt has raised $5.3M in Series A funding led by Section 32, with participation from Eniac Ventures and Y Combinator.
Eric, Brett, and I started MedCrypt in 2016 to give healthcare technology companies access to cybersecurity features in a few lines of code. When we first started talking to investors about this opportunity in 2015, we would regularly be asked “Who would ever hack a medical device?” Since then, we’ve seen medical device cybersecurity become a huge focus for both leading hospital organizations and medical device vendors. The FDA has even mandated that new medical devices include some of the same security features we started building back in 2016, like encryption, signature verification, and behavior monitoring.
We see a future where the average connected medical device has the same kinds of security features you find in an iPhone, and clinicians will be confident that the clinical benefits of these devices outweigh the cybersecurity risks they pose. This new funding will allow us to double down on our efforts to help medical device vendors and other healthcare technology companies build products that are Secure by Design.
We’re looking forward to using this funding to continue the commercialization of MedCrypt in medical devices as small as pacemakers and as large as CT scanners. We love working with the large device vendors we’ve all heard of, as well as with the smaller, startup vendors building devices that will become tomorrow’s standard of care. (If you’re building a connected medical device, we’d love to talk to you!)
Thanks to Section 32 for leading this round, Y Combinator for having us as part of the Winter 2019 batch, and Eniac Ventures for continuing to support MedCrypt. We also wouldn’t be here without our earliest investors who took a leap of faith with us back in 2016. (Thanks, Gary!)