Medtech cybersecurity group MedCrypt raises $2m in seed round

Medical device cybersecurity group MedCrypt said today it raised $1.9 million in a seed round of financing to help support its medtech-specific embedded cybersecurity software.

The round was led by Eniac Ventures and joined by Sway Ventures, Nex, Cubed, Oronoco Investments and Friedman BioVentures, the Encinitas, Calif.-based company said.

“Cyber threats are an exponentially increasing problem that is threatening businesses, governments, households and, in healthcare, even lives. MedCrypt has already set itself apart with a seasoned technical team and proprietary technology that is helping the largest medical device makers in the world protect their devices and the underlying users. Our team is excited to support Mike Kijewski and Eric Pancostin continuing to build out MedCrypt as the most comprehensive security layer for healthcare IT,” Eniac Ventures founding general partner Tim Young said in a press release.

MedCrypt is developing cryptographically embedded security software intended to help vendors protect their products from outside assault and monitor the behavior of the devices after they’ve been deployed.

“The FDA is cracking down on medical device cybersecurity by releasing more robust regulations by which medical device vendors and healthcare delivery organizations are required to abide. Our solution lets these organizations protect their devices – and patients – with just a few lines of code. We’re thrilled to gain additional funding and support to help accelerate our technology,” co-founder & CEO Mike Kijewski said in a prepared statement.

The financing brings the total the company has raised to date up to $3 million, MedCrypt said.

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