CyberMDX raises $20m to protect medical IoT
April 21, 2020
New York cyber-security company CyberMDX has secured $20m in funding to secure hospital networks and critical medical and IoT devices. The funding will boost market expansion and development of the firm's hospital security and operational efficiency platform.
CyberMDX is a healthcare cyber-security provider delivering visibility, threat prevention and operational efficiency for medical devices, IoT and clinical networks. The $20m brings its fundraising total to $30m.
The current investment was led by Relyens group company Sham, Europe's largest insurance and risk management provider for healthcare, with participation from existing investors Pitango Venture Capital and Qure Ventures.
Building off strong growth in 2019, CyberMDX will use the funding to boost geographic expansion and go-to-market activities. The investment will also enable the company to expand its technology platform and research capabilities to assist hospital IT and biomed teams in securing and managing all network-connected devices.
"We are very excited to be leading this funding round," said Relyens group CEO Dominique Godet. "CyberMDX is a leader in the healthcare cyber-security arena and their offering is well timed with the rapidly increasing demand for solutions that help ensure hospitals continue running smoothly. We look forward to collaborating with and supporting them as they accelerate into their next wave of expansion."
Both IT and biomed organisations are facing extreme pressure, elevated by the situation caused by Covid-19. CyberMDX's offering is designed to automate and simplify the way devices are identified and protected, helping hospital staff achieve more with fewer resources.
"CyberMDX has been leading the market, helping healthcare organisations identify, optimise and secure their critical assets," said Amir Magner, CEO and co-founder at CyberMDX. "Nowadays, in light of Covid-19 and unprecedented events, we see it as part of our mission to support the healthcare community in its challenging time. We are incredibly excited to be backed by strong investors with a healthy mixture of VC and strategic commercial syndicate that will enable faster execution and growth of our company's mission."
CyberMDX will continue to build on its strategic partnership with Sham and its healthcare expertise, with thousands of customers to provide a first of its kind, end-to-end risk management and operational efficiency for hospitals.
CyberMDX identifies, categorises and protects connected medical devices, ensuring resiliency as well as patient safety and data privacy. With its continuous endpoint discovery and mapping, risk assessment, AI-powered containment and response, and operational analytics, risks can be mitigated and assets optimised.
Founded in France in 1927 by hospital directors, Sham is a mutual insurance company specialising in insurance and risk management. Parent company Relyens is a European mutual group providing insurance and risk management services to healthcare professionals and local authorities that deliver public interest services.
With nearly 1100 employees, more than 30,000 customers and members, and 900,000 people covered in four countries (France, Spain, Italy and Germany), in 2018 Relyens collected €847m in premiums and generated revenue of €456m.