Here’s the exclusive 12-slide pitch deck medical cybersecurity startup MedCrypt used to nab $25 million in funding from Johnson and Johnson
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- Healthcare cybersecurity startup MedCrypt just raised $25 million in Series B funding.
- The startup is building out its cybersecurity offerings for medical devices.
- Here’s the pitch deck used to woo investors at Intuitive Ventures and Johnson & Johnson Innovation.
As hospitals adopt more complex technologies, one startup just sold investors on its cybersecurity software that keeps medical devices compliant with federal guidelines — and safe from online attacks.
Healthcare cybersecurity startup MedCrypt just raised a $25 million Series B, Insider has learned. Intuitive Ventures and Johnson & Johnson Innovation led the round, while Section 32, Erica Ventures, Anzu Partners, and Dolby Family Ventures also participated.
Founded in 2016, MedCrypt provides cybersecurity support such as cryptography, or secure messaging; behavior monitoring, or looking for threats in real time; and vulnerability inventory products, which take stock of existing risks. These tools are then applied to medical devices ranging from in-home glucose monitors and to large surgical robots in hospitals.
The startup previously raised $6.3 million in series A funding in 2019.
Axel Wirth, MedCrypt’s chief security strategist, told Insider in an interview that as the medical community becomes more high tech, that new technology is making the industry a more valuable target for cyber criminals.
“Healthcare is also a complex industry in terms of multiple devices and vendors,” he said. “The complexity creates a significant advantage if you’re trying to secure that ecosystem. That’s the problem with medical devices: as they get more unique, it requires having a dedicated approach to security, which is how MedCrypt was founded.”
The healthcare cybersecurity market could grow to $35 billion by 2027, research from Global Markets Insights estimated earlier this year. In addition to new federal regulation driving compliance demand, startups in the industry are also seeing increased VC activity thanks to an uptick in healthcare cybersecurity attacks.
Last year, competitors including New York-based healthcare cybersecurity startup Cylera raised a $10 million Series A, while Israeli IOT cybersecurity startup Cynerio raised $30 million in Series B funding.
Take a look at the pitch deck MedCrypt used to raise $25 million in new funding.