These funds will be used to grow MedCrypt’s engineering team in response to increased demand for encryption and PKI solutions optimized for medical devices.

SAN DIEGO, January 24, 2023 /PRNewswire/ — MedCrypt, Inc., the proactive provider of cybersecurity solutions for medical device manufacturers, today announced additional funding from Dexcom Ventures, the corporate venture capital arm of Dexcom. This expansion follows MedCrypt’s Series B funding round in November 2022 with investments of Intuitive companies, Johnson & Johnson Innovation – JJDC, Inc. (JJDC)among other things, bringing the financing of the company to date to $36.4 million.

“Diabetes care management is one of the leading categories of healthcare innovation that is highly dependent on connectivity; therefore, it is one of the major categories heavily reviewed by the FDA,” said Mike Kijewski, CEO of MedCrypt. “The promise of software in a device can only be realized when the device’s cybersecurity posture is secure and effective in the threat landscape. MedCrypt has built a cybersecurity platform for all medical devices – to things as small as pacemakers and insulin pumps or as large as surgical robots – and we are honored to be supported by Dexcom Ventures as we continue our efforts to improve device safety.”

The size of the global wearable medical devices market is currently rated at $21.3 billion and is expected to grow 28% by 2030. Cybersecurity remains one of the biggest barriers for connected devices in all areas of healthcare, including the diabetes industry. Dexcom Ventures invests to ensure the security and reliability of the software and connectivity of interoperable medical devices.

“As the market leader in diabetes care management, Dexcom understands the value of software and connectivity when it comes to innovating the patient experience,” said Naomi Schwartz, senior director of quality and security at MedCrypt. His experience includes working at the FDA to assess software and cybersecurity for the world’s first regulated automated insulin delivery (AID) system and developing Class II regulatory pathways for the three main components of AID systems, a game changer to support insulin dependent patients. Diabetes.

“We are proud and excited to invest in MedCrypt as they lead in building cybersecurity technology and infrastructure for life-saving medical devices,” said Steve Pacelli, Executive Vice President and Managing Director, Dexcom Ventures. “Cybersecurity has always been a priority for Dexcom and we have seen it become a top priority for health technology companies across many care modalities. We are excited to see MedCrypt introduce a disruptive solution for these markets.

In 2022, MedCrypt rolled out partnerships with 18 new medical device manufacturers who are committed to improving cybersecurity in health technologies. These additional funds will be used to expand MedCrypt’s engineering team to meet this growing demand for cybersecurity in devices – for all products – while remaining aligned with the requirements set by the FDA and the cybersecurity provisions of the latest Consolidated Credits Act of 2023.

MedCrypt currently provides enhanced security products and services to seven of the top 10 medical device manufacturers as well as startups and midsize companies, including the leading surgical robotics technology manufacturers and virtual reality applications for minimally invasive surgery. For more information on MedCrypt and its suite of security solutions, please visit medcrypt.com.

About MedCrypt
MedCrypt helps health technology companies ensure medical devices are secure by design. We provide cybersecurity products and strategic management consulting to accelerate medical device manufacturers’ life-saving new connected technologies to market.

Founded in 2016 by a team of healthcare cybersecurity experts, MedCrypt is uniquely positioned to be the security catalyst for medical device manufacturers to design secure, FDA-cleared technologies. We continue to work with those leading the way to safe and reliable medical technologies. To date, MedCrypt has collected over $36 million in funding with participation from Johnson & Johnson Innovations, Intuitive Ventures and Dexcom Ventures. To learn more, please visit www.medcrypt.com.

Contact:
BAM for MedCrypt
medcrypt@bamtheagency.com

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