MedCrypt Extends Series B with Additional Investment from Dexcom Ventures
These funds will be used to grow MedCrypt's engineering team in response to an increased demand for encryption and PKI solutions optimized for medical devices
SAN DIEGO, Jan. 24, 2023 /PRNewswire/ -- MedCrypt, Inc., the proactive cybersecurity solution provider for medical device manufacturers, today announced additional funding from Dexcom Ventures, the corporate venture capital arm of Dexcom. This extension follows MedCrypt's Series B funding round in November 2022 with investments from Intuitive Ventures, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), among others, bringing the company's funding to date to $36.4 million.
"Diabetes care management is one of the main categories of healthcare innovation that is highly dependent on connectivity; consequently, it is one of the main categories heavily scrutinized by the FDA," said Mike Kijewski, CEO of MedCrypt. "The promise of software in a device can only be achieved when the cybersecurity posture of the device is secure and effectivein the threat landscape. MedCrypt has built a cybersecurity platform for all medical devices – for things as small as pacemakers and insulin pumps or as large as surgical robots – and we are honored to be backed by Dexcom Ventures as we continue our push for better device security."
The global wearable medical device market size is currently valued at $21.3 billion and is expected to grow 28% by 2030. Cybersecurity remains one of the biggest hurdles for connected devices across all areas of healthcare, including the diabetes industry. Dexcom Ventures makes investments to ensure security and reliability in the software and connectivity of interoperable medical devices.
"As a market leader in diabetes care management, Dexcom understands the value of software and connectivity when innovating the patient experience," said Naomi Schwartz, Senior Director of Quality and Safety at MedCrypt. Her background includes working at the FDA to evaluate software and cybersecurity for the world's first regulated Automated Insulin Delivery (AID) System and developing Class II regulatory pathways for the three major components of AID systems, a game-changer for supporting patients with insulin-dependent diabetes.
"We are proud and excited to invest in MedCrypt as they are leading the charge in building cybersecurity technologies and infrastructure for life-saving medical devices," said Steve Pacelli, Executive Vice President, and Managing Director, Dexcom Ventures. "Cybersecurity has always been a priority for Dexcom and we have seen it become a top priority for healthcare technology companies across many care modalities. We're excited to see MedCrypt introduce a disruptive solution for these markets."
In 2022, MedCrypt deployed partnerships with 18 new medical device manufacturers that are committed to improving cybersecurity in healthtech. These additional funds will be used to grow MedCrypt's engineering team to support this growing demand for cybersecurity in devices - across all products - remaining aligned with requirements set by the FDA and the cybersecurity provisions in the latest Consolidated Appropriations Act, 2023.
MedCrypt currently provides enhanced security products and services for seven of the top 10 medical device manufacturers as well as startups and mid-sized companies, including the leading manufacturers of surgical robotics technologies and virtual reality applications for minimally invasive surgery. For more information about MedCrypt and its suite of security solutions, please visit medcrypt.com.
Founded in 2016 by a team of healthcare cybersecurity experts, MedCrypt is uniquely positioned to be the security catalyst for medical device manufacturers to design secure, FDA-approved technologies. We continue to work with those paving the way toward safe and reliable medtech. To date, MedCrypt has raised more than $36 million in funding with participation from Johnson & Johnson Innovations, Intuitive Ventures, and Dexcom Ventures. For more, please visit www.medcrypt.com.
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