CyberWarfare / ExoWarfare

Medical Device Security Firm Medigate Raises $15 Million

By Eduard Kovacs on January 29, 2019

Medigate, a company that provides medical device security and asset management solutions, on Tuesday announced that it raised $15 million in a Series A funding round, which brings the total raised to date to over $20 million.

The funding round was led by US Venture Partners (USVP) with participation from current investors YL Ventures and Blumberg Capital. The company plans on using the new funds to accelerate growth and triple the number of employees across its R&D, marketing, sales and customer success departments over the next 18 months. The company currently has 35 employees.

Medigate’s solutions are designed to help healthcare organizations secure medical devices and manage assets by providing deep visibility into the systems present on their network.

This allows organizations to identify anomalies and suspicious activity, and block malicious communications.

The company says it has dozens of customers, including major hospitals and other healthcare organizations in the United States and Canada.

“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,” said Dr. Jonathan Root, general partner at USVP.

Medigate previously obtained $5.35 million in seed funding, which it announced in November 2017, when the company emerged from stealth mode.

Medigate’s headquarters are in New York and its R&D office is in Israel. The company also has a sales office in San Diego, California.

The company’s researchers have been credited for identifying vulnerabilities in medical devices made by Philips, Siemens and Roche.