MedCrypt is actively involved in providing cybersecurity for medical devices that are in line with mandatory regulatory guidelines in the U.S. The company is based in Southern California and was founded in 2016. MedCrypt provides cryptography solutions for securing data transfer and storage on various devices. Further, it provides software that tracks the real-time and remote monitoring of the data to ensure early notification of any suspicious activities.
In October 2018, the U.S. FDA has the latest guidelines for cybersecurity guidance for medical devices in the premarket stage. The company had been working on the solution on similar lines from the past three years. Release of new guidelines by the FDA fall in favor of the new technology that the company was aiming to launch.
MedCrypt has raised $5.3 million in its series A round of funding. The participants of the funding included Y Combinators and Eniac Venture. Following this funding round, the company has total funding of 8.3 million including the previous year’s $1.9 million which were raised in the seed round.
The digital revolution has not spared the medical device industry. This is leading to a rising need for cybersecurity to ensure safe storage, transfer, and usage of patient health data. Many companies apart from MedCrypt are investing heavily in cybersecurity assistance to ensure safe data storage. Medigate is one such example of the company that raised $15 million in early 2019. Medigate offers asset management platforms and device security tools. Similarly, Thirdwayv a California based company introduced its patented: AppAuth software in the internet of things (IoT) to ensure security on 13 May, 2019. With many innovations entering into the space, market players are expected to face intense competition.