MedCrypt, a provider of cloud-based cybersecurity solutions for wearable medical device manufacturers, received an additional investment from Dexcom Ventures, a corporate venture capital arm of Dexcom.
Including the latest funding round, MedCrypt has raised more than $36 million in funding to date from Johnson & Johnson Innovations, Intuitive Ventures, and Dexcom Ventures.
According to the company’s website, 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.
Commenting on the funding news, Mike Kijewski, CEO of MedCrypt, said:
“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.”
These newly acquired funds will help expand our engineering team to address the growing need for cybersecurity solutions to protect medical devices, MedCrypt said in a press statement.
Steve Pacelli, Executive Vice President and Managing Director of Dexcom Ventures, said: “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.” “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.”
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.
To date, medical cybersecurity software startups have raised nearly $1 billion in venture capital funding, according to our funding database.
More recently, MedCrypt, a cybersecurity solution provider for medical devices, raised $25 million in Series B funding. Intuitive Ventures and Johnson & Johnson Innovation (JJDC) led the investment round with participation from Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures.
In another deal, Codoxo, a provider of AI-powered healthcare IT security solutions, raised $20 million in Series B funding led by QED Investors, with participation from Sands Capital Management, 111 West Capital, Brewer Lane Ventures, Spider Capital, and GRA Venture Fund.