MedCrypt

MedCrypt is a Y Combinator incubated medical device startup that provides proactive cybersecurity solutions to secure connected medical devices such as glucose monitors, surgical robots, insulin pumps, heart rate monitors, AI-based radiology tools, and autonomous robots from cyber attacks. The platform provides cryptographic communication, behavior monitoring, and vulnerability monitoring and management to secure these devices. It ensures that devices act only according to instructions from trusted sources and provides an early warning system against intrusions with an event monitoring system that detects anomalous behavior. The company provides solutions to monitor devices in the field, secure existing and new devices, and monitor software bill of materials (SBOM) for known vulnerabilities.

MedCrypt-enabled devices transmit healthcare-specific behavior metadata to Canary, an event monitoring system, which allows users to monitor and assess the behavior of devices in the field to detect security events, generating alerts to abnormal behavior in real time. Ghost is a secure overlay agent that enables encryption on existing devices. Guardian is an embedded library that provides cryptography functions such as signature verification and data encryption via an API/ABI. This allows users to sign code, data, instructions, configurations, and more and verify data structures before loading into an active device, whilst ensuring privacy. Heimdall, which is a vulnerability management tool, imports SBOMs and monitors for vulnerabilities.

MedCrypt has an employee headcount of more than 20. As of November 2022, the company had plans to go public.

Key customers and partnerships

In 2022, MedCrypt partnered with 18 new medical device manufacturers and it served seven of the top 10 medical device manufacturers, as of January 2023. Notable customers include Tenac.io and Qlife.

Funding and financials

In November 2022, the company raised USD 25 million in a Series B funding round, co-led by Intuitive Ventures and Johnson & Johnson Innovation. The funds were utilized to expand its cryptography, behavior monitoring, and vulnerability inventory products across different types of medical devices and to grow its engineering team.

In January 2023, the company raised an undisclosed sum as an extension to its Series B funding round from Dexcom Ventures. The funds were utilized to grow its engineering team.