Tag: Y Combinator

MedCrypt Announces $5.3 M Series A Funding Round

MedCrypt, a medical device cybersecurity software provider, announces a $5.3 million Series A funding round led by Section 32, with participation from Eniac Ventures and Y Combinator. MedCrypt was part of Y Combinator’s Winter 2019 batch.

Mike Kijewski

“Last October, the FDA released a major update to its premarket cybersecurity guidance for medical devices, publishing guidelines that line up just about perfectly with the solution we began developing three years ago,” said MedCrypt founder and CEO, Mike Kijewski. “Internet-connected medical technology is entering the market at light speed, calling for devices to be secure by design, which leads to a heightened level of patient safety at all times. We’re thrilled to see continued support from various groups in the industry, from the government to healthcare institutions and device vendors, along with support from our partners to help us further develop our technology and expand our team.”

The HIPAA Security Rule has been in effect for 14 years, aiming to protect electronic health data, yet a new study from CynergisTek reports the healthcare industry has only managed to achieve 72% compliance with it, leaving a gap that poses a security risk for those who are not yet compliant. The study also reports healthcare is expected to suffer two to three times more cyberattacks in 2019 than other industries. This data makes patient safety a critical area of focus.

“Patient data privacy has long been a concern, but the healthcare industry is just beginning to address patient safety risks presented by internet-connected healthcare technology,” said Vidya Murthy, vice president of operations, MedCrypt. “Research shows a 13.3 percent higher mortality rate for patients experiencing a cardiac arrest whose care was delayed by four minutes. While cybersecurity attacks to a device such as a pacemaker seem more dangerous, delays to patient care because of cyberattacks are much more real and likely.”

MedCrypt will use the funds to expand its team, adding new members in sales and engineering roles, and further develop its technology. MedCrypt’s security software allows device vendors to use cryptography to secure data traveling between or stored on devices. MedCrypt then provides remote, real-time monitoring to alert medical device vendors of suspicious behavior that may yield potential security threats to their company, devices and patients.

This round brings MedCrypt’s total funds raised to $8.4 million.

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How Healthcare Technology is Disrupting the Traditional Market

Do you know how tech is disrupting the traditional healthcare market? Well, we do, and we have gathered all the information you need to know about this topic in one infographic. Today technology is constantly evolving and starting to take over surprising segments of our lives. The leading health tech accelerators, startups, companies and minds are doing their best to make this industry grow. Every day med tech makes people feel safe and more comfortable, it helps us to have more control over our health and body. We’ve made a research on the biggest challenges of the health tech sector, on global investment in health tech companies, on health tech influencers to follow, on the reasons of health tech industry growth and more interesting stuff.

It didn’t take much time for investors to see the perspectiveness of the health tech sector and to start investing in it. Such companies as Y Combinator, Dreamit Ventures, GE Ventures, Google Ventures, Rock Health and many others started to invest into dozens of health tech startups. At the same time a lot of different governmental programs were established, with the purpose to support health tech development and healthcare innovations. Canada founded a new $20 million Health Technology Innovation Evaluation Fund to support made-in-Ontario technologies. In Australia $4 million Mental Health Innovation Fund supports health tech startups to come up with health-driven innovations fighting with mental illness. At the same time, with $4.5 billion funding from the government, 2015 became the year of digital health for the US.

The biggest challenges of the health tech sector are: difficulty of market entry for new generation drugs; misuse of USB ports can cause medical devices to malfunction; robotic surgery: complications because of insufficient training; and other factors. A lot has been done yet there is still much to accomplish. So the following infographic about health tech and its role in healthcare industry attempts to give you important information in a creative way. We hope you’ll like it.

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Jobs in healthcare