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Healthcare Cybersecurity Firm CyberMDX Raises $20 Million

New York-based healthcare cybersecurity firm CyberMDX on Tuesday announced that it has raised $20 million in a growth round, which brings the total raised by the company to date to $30 million.

The funding round was led by Sham, which is Europe’s biggest insurance and risk management services provider for healthcare. Existing investors Pitango Venture Capital and Qure Ventures also took part in the round.

CyberMDX says it will use the money to further boost the company’s market expansion, and improve its technology platform and research capabilities.

The company offers a solution that helps healthcare organizations continuously discover connected medical devices, visualize network flow, manage assets, and obtain risk assessment and security reports. It also delivers defense capabilities, as well as operational analytics and insights.

"CyberMDX has been leading the market, helping healthcare organizations identify, optimize and secure their critical assets,” said Amir Magner, CEO and co-founder at CyberMDX.

“Nowadays, in light of COVID-19 and unprecedented events, we see it as part of our mission to support the healthcare community in its challenging time. We are incredibly excited to be backed by strong investors with a healthy mixture of VC and strategic commercial syndicate that will enable faster execution and growth of our company's mission.”

Over the past year, researchers at CyberMDX have identified vulnerabilities in infusion therapy products made by BD, and anesthesia devices and patient monitoring products made by GE Healthcare.

Related: Feeling the Pulse of Cyber Security in Healthcare

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.