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Asimily Raises $10 Million to Protect IoMT from Ransomware

Of all the industries vulnerable to cyberattacks, healthcare may be the most important to defend. At a time when hospitals are overcrowded due to the pandemic, and quality managers and physicians lack visibility into their IoT devices and inventory, we’re proud to be the lead investor in Asimily: a company that helps safeguard the networks and tools used to preserve human life.

Asimily’s IoMT risk remediation platform holistically secures the mission-critical healthcare devices that deliver safe and reliable care. Asimily’s $10 million round coincides with a massive push toward digital transformation in healthcare as connected medical devices proliferate exponentially and cybercriminals pounce on poorly protected networks.

In 2020, more than one-third of health organizations were breached by ransomware. Memorial Health is still recovering from an August attack that led to canceled surgeries and having to keep paper records while its networks recuperated. As hackers hold hospital systems and data hostage, elderly patients, children, and others are unable to receive medical attention in a timely manner. Bad actors trafficking patients’ leaked social security numbers on the dark web is bad enough, but hospital networks and devices such as insulin pumps and MRI machines going offline can potentially lead to death or long-term health complications.

It’s imperative for healthcare organizations to monitor and manage IoMT devices efficiently (Image: Vecteezy)

Part of what makes healthcare more susceptible to cyberattacks is inefficient device management — tens of thousands of IoT devices manually tracked using spreadsheets and access databases. Asimily quickly inventories the connected devices on a given network and provides hospitals a streamlined view of all devices and security vulnerabilities, noting the devices that contain patient health information and those carrying heightened security risk. Never has it been more clear as to what devices require remediation, which Asimily performs through its recommendations and actionable insights that can be enforced. Manufacturer documents are also baked into the solution, so Asimily knows if a device is unable to be patched, among other vendor-specific details.

Tackling the cybersecurity problem in healthcare requires deep domain expertise and proven success in the industry. The Asimily team checks both boxes.

Asimily is led by a strong team that includes Shankar Somasundaram (CEO), Consti Fernandes (VP, Engineering), Mike McDermott (VP, Sales), and Hithesh Nama (CTO). Somasundaram led IoT security at Symantec, starting the business from scratch and growing it to tens of millions. Nama spent eight years as Director of Technology at SpiderCloud, a wireless security company. Fernandes, who also worked at Symantec, brings tremendous engineering experience having last run Symantec’s Cloud Workload Protection product. McDermott comes in with more than 18 years of healthcare experience across startups and larger companies.

Asimily gives hospitals a streamlined view of all devices and security vulnerabilities

Asimily’s leadership team spearheaded an impressive run leading up to the funding round: substantial revenue and customer growth; strategic senior hires; industry-first product innovations, like the first IoMT module to assess Risk of Standalone devices; and impressive accolades (Gartner Cool Vendor, Stratus Award). Next up? Accelerating its international expansion. The company’s recent momentum is all the more impressive considering many hospitals curtailed capital spending, paused projects, halted elective surgeries, and furloughed non-essential staff amid the pandemic.

Asimily’s vital signs are looking great and the company’s future prognosis looks even better. Gartner expects IoT security spend by healthcare providers to double to $88.8 million by 2024, and Deloitte estimates the overall IoMT market to be worth $158.1 billion in 2022.

Welcome to The Ridge Familia, Asimily team. We’re thrilled to support the noble work you’re doing in IoMT security, and know this is one of many milestones to come.

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Ridge Ventures

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Ridge Ventures

Ridge Ventures

Fast, flexible & founder-focused early stage venture capital fund. Backing experienced founders redefining how the world interacts with data and code.

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