Medigate, a startup focused on cybersecurity for medical devices and other connected health products, has announced $30 million in Series B funding, bringing the company's lifetime raise to $50 million. Partech led the round, which also saw participation from Maor Investments and prior backers YL Ventures, U.S. Venture Partners and Blumberg Capital.
WHAT IT DOES
Medigate's platform secures networked medical devices or Internet of things products that are connected to EHRs, device servers and other enterprise systems. It automatically identifies devices located in the network, classifies them by type and then analyzes their specialized protocols, communications and behaviors.
The company's security platform also inspects traffic between the identified medical devices and, if an attack is detected, enables micro-segmentation and real-time blocking of malicious communications. Further, Medigate provides analytics that it says can help teams improve operational and organizational capabilities while reducing expenditure.
WHAT IT'S FOR
Medigate kept its plans for the new funds vague, saying only that the money will help "expand Medigate's leadership and availability to healthcare organizations needing advanced protection, visibility and cost control."
The value of cybersecurity among healthcare providers was already on the rise with the increasing adoption of connected medical devices and digitalization, but COVID-19 has amped up the need for comprehensive security. Hospitals and healthcare systems saw a rising number of attacks in the earlier part of the year, while the rapid implementation of new virtual care systems and other remote care technologies has many providers pushing further toward a digital landscape than ever.
ON THE RECORD
“Partech is a very sophisticated technology investor. With their backing, we will be able to quickly expand to help healthcare organizations around the world experience the same ROI as those in the United States,” Jonathan Langer, CEO and cofounder of Medigate, said in a statement. “We are very appreciative of the continued support we receive from our investors at YL Ventures, USVP and Blumberg Capital and are excited to add Partech and Maor Investments to our team as we enter in the next phase of our growth.”