Medigate, the first dedicated medical device security and asset management platform, has announced the completion of a $15m Series A financing led by new investor US Venture Partners (USVP) with participation by current investors YL Ventures and Blumberg Capital.
The company plans to use the funds to accelerate growth and triple headcount across R&D, sales, marketing and customer success over the next 18 months.
“U.S. Venture Partners, with its investment focus encompassing both cybersecurity and IT-enabled healthcare is uniquely qualified to understand the complex and pressing security issues that Medigate addresses for both device manufacturers and the healthcare networks that deploy these life-saving devices,” said Jonathan Langer, CEO of Medigate.
“Working with USVP and our initial investors, YL Ventures and Blumberg Capital, we are poised for rapid expansion by helping our customers confront the unique security risks and management challenges associated with connecting medical devices to clinical networks.”
“Medigate’s unique technology platform, strategic partnerships with industry-leading security vendors and traction over the last year in the healthcare market made the company an attractive investment,” said Jacques Benkoski, partner at USVP who will join the Medigate board of directors.
“With regulators appropriately taking a hard look at medical device security and the sheer growth in the number of devices being added to already complex clinical networks, we believe Medigate has a significant opportunity to advance its growth trajectory and capture the market,” added Dr. Jonathan Root who has led several IT-enabled healthcare investments for USVP.
The Medigate medical device security and asset management platform identifies, fingerprints and tags each individual medical device beyond the device’s IP address with tags based on its type, vendor and model.
With better visibility into types, vendors, protocols and operation systems; smart detection through medical context and knowledge of clinical workflows; and informed prevention using domain specific knowledge, Medigate addresses the unique security risks generated by connecting medical devices to clinical networks.
Yoav Leitersdorf, managing partner at YL Ventures and lead investor for the seed round commented, “Jonathan and his team exceeded our expectations in securing a portfolio of strategic customers, including many top hospitals and healthcare systems in the US.”
“Medigate’s technology and focus make it the logical choice for healthcare organizations entrusted with securing the medical devices on their clinical networks,” added Bruce Taragin, managing director, Blumberg Capital.
Source: Company Press Release