Funding validates company’s market traction and will support its growth and expansion
NEW YORK--(BUSINESS WIRE)-- CyberMDX, a leading healthcare cybersecurity provider delivering visibility and threat prevention for medical devices and clinical networks, announced today the completion of a $10 million Series A financing. The round was led by Pitango Venture Capital, with participation from OurCrowd Qure.
The number of connected medical devices such as MRIs, patient monitors and infusion pumps is growing dramatically, improving patient care as well as hospital operations. By nature, these devices are the most critical assets to a hospital’s operations, connected to the heart of the IT network and its data centers. However, medical devices often lack very basic security controls, using legacy systems and unpatched software. They are extremely vulnerable, imposing huge security risks on a hospital’s network. The consequences of an attack are frightening, risking patient safety, operational continuity and significant financial and brand damage.
CyberMDX delivers a non-intrusive solution that provides visibility and risk management, along with threat prevention and detection functionality for medical devices and other Internet of Medical Things (IoMT).
“CyberMDX sheds light on security blind spots in the healthcare management landscape that security professionals otherwise struggle with,” said Joey Johnson, Chief Information Security Officer at Premise Health and CyberMDX advisory board member. “The solution automatically lets users know what medical devices are on the network, what they’re connecting to, and what the risk level is for each connected asset. This not only helps protect the hospital network, but also helps them save time and money with a friction-free solution.”
CyberMDX was founded by Amir Magner, the former head of the Cyber Division at the Israeli Prime Minister’s Office, and serial entrepreneur Moti Shniberg, Co-Founder of Face.com – which was acquired by Facebook – FDNA, and others.
“The expedited growth of connected medical devices poses exceptional challenges for hospital network security. Connected devices have become an integral part of hospitals’ IT networks, yet they are not monitored and remain unprotected. Recent massive cyber-attacks such as OrangeWorm, NotPetya and WannaCry illustrate the challenges and high-risk exposure for hospitals,” said Amir Magner, CEO at CyberMDX. “We passionately believe in the significance of our work, addressing the arising threat for healthcare provider networks. Cybersecurity for medical devices is an absolute necessity in order to enable hospitals to focus on their main and most important mission – treating and saving human lives.”
CyberMDX’s multidisciplinary team consists of veterans of Israeli Intelligence’s elite cyber units, medical device experts, and AI academic leaders with focus on the healthcare vertical.
“CyberMDX’s solution is well timed with the rapidly increasing threats hospitals face today. Existing security and IoT solutions are not enough to protect the dynamic healthcare cyber threat landscape,” said Rami Kalish, Managing General Partner and Co-Founder at Pitango and Board Member at Forescout. “We believe the market will continue to see a shift towards specialized cybersecurity solutions that address hospitals’ unique needs. CyberMDX delivers a powerful solution for the industry, and we are excited to collaborate with and support them as they continue to grow the company.”
Lane Bess, former CEO of Palo Alto Networks and CyberMDX strategic advisory board member referred to the impact the solution will have for the healthcare domain, saying, “CyberMDX’s approach to medical device cybersecurity is unique. Bringing together a deep understanding of cybersecurity, medical devices and Artificial Intelligence, CyberMDX addresses threats that have plagued medical systems and often cause significant damage and cost – not to mention negative revenue impact. I am highly impressed about the progress and the company’s ability to close security gaps across connected medical devices.”
About CyberMDX
CyberMDX, a leading provider of medical cybersecurity, delivers zero touch visibility and threat prevention for medical devices and clinical assets. CyberMDX delivers a scalable, easy to deploy cybersecurity solution, providing unmatched visibility and protection of medical devices ensuring their operational continuity as well as patient and data safety. CyberMDX multidisciplinary team consist of veterans of Israeli Intelligence’s elite cyber units, medical devices experts, and AI academic leaders. For more information, please visit us at www.cybermdx.com
About Pitango Venture Capital
Pitango has been investing in technology ventures since 1993 and now has more than $2 billion under management. Pitango invests in Israeli tech and health care companies, in various fields and all stages. Pitango Venture Capital has invested in over 200 companies, many of which have become public or were acquired by strategic players. www.pitango.com
About Qure Ventures
Qure is Israel’s first digital health focused fund. Qure focuses on deep-tech solutions that have a significant impact on quality of patient care, patient empowerment, information transparency and cost reduction. Qure investments include companies that have developed disruptive solutions using machine vision, neuro-tech, digital therapeutics, artificial intelligence, cybersecurity and big-data analytics. Qure has established strategic partnerships with key stakeholders in consumer, provider, payer, and pharma domains – providing fast track access to market and clinical validation opportunities for its portfolio companies. www.qureventures.com
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