June 28, 2018

Eniac leads MedCrypt in $1.9M seed round to scale cryptographically embedded software for medical devices

By Tim Young, Eniac Founding General Partner

We are excited to announce the latest company to join the Eniac portfolio: MedCrypt, a San Diego-based company that provides cryptographically embedded cybersecurity software for medical devices.

Cyber attacks are a growing epidemic and the wake of damages is expected to reach upwards of $6T annually by 2021. In healthcare, cyberattacks can mean life or death, and FortiGuard Labs reported that healthcare organizations experience more than twice the number of attacks on average as compared to organizations in other vertical markets. This has gained the attention of top medical device manufacturers and the FDA, which recently released their Medical Device Safety Action Plan.

MedCrypt’s cryptographically embedded security software enables medical device companies to secure and monitor the behavior of their devices and meet the new FDA cybersecurity regulations. MedCrypt will also be uniquely positioned to acquire and leverage a proprietary, cross-platform dataset providing device companies, hospitals, and medical facility security teams with a more robust solution to monitor and protect in real-time.