Cynerio Secures $7M Seed Funding to Expand Healthcare Cybersecurity Platform into North American Market

VCBeat (WeChat Official Account: vcbeat) has learned that Cynerio, a medical device cybersecurity company, completed a $7 million seed funding round on January 9. Investors in this round included Accelmed, RDC, MTIP, and other unnamed global venture capitalists.

Headquartered in Israel, Cynerio has developed a cybersecurity platform specifically designed for hospitals. Through the platform’s software, hospitals can monitor entire workflows and identify devices within the hospital ecosystem, thereby assessing security risks, monitoring suspicious activities in real time, and issuing alerts and blocking potential threats without disrupting medical services. The company’s current clients include Tel Aviv Medical Center and other local hospitals. To date, Cynerio’s operations have been confined to Israel.

According to MobiHealthNews, this round of funding will help Cynerio expand its business into the North American healthcare market.

To prevent data breaches of critical information caused by cyber intrusions, healthcare cybersecurity has long been a top priority for hospital systems. In this vast and promising market, Cynerio is not the only company focused on securing medical device networks. For instance, MedCrypt, a U.S.-based company founded in 2016, primarily provides data security services for medical devices and raised $1.9 million in seed funding in June 2018.

Leon Lerman, CEO and Co-founder of Cynerio, stated in a press release: “We are providing hospitals with tailored healthcare network solutions, continuously optimizing and enhancing the entire system by focusing on addressing the weakest links in healthcare cybersecurity, thereby ensuring data security.”

Accelmed is a venture capital firm headquartered in Herzliya, providing funding to private and public medical device companies worldwide.

RDC is a leading asset management company in Europe, specializing in IT asset disposition, including logistics management and secure data handling.

MTIP, founded in 2014, is a venture capital firm headquartered in Switzerland, specializing in venture investments in the healthcare industry.