Israeli startup Cynerio, a healthcare IoT cybersecurity and asset management startup, announced last week that it secured $30 million in a Series B funding round led by ALIVE Israel HealthTech Fund. Existing investors, global VC Accelmed, RDC, Elron’s joint venture with Rafael, and Swiss-based growth investor, MTIP, also participated.
The round also included ALIVE co-investors, CBG London investment company owned by Vincent Tchenguiz and additional co-investors will join as well including a leading UAE-based investment group, Cynerio said in an announcement on the company blog.
Founded in 2018, Cynerio creates custom solutions for healthcare providers to combine behavior learning with medical workflow analysis to provide full visibility into medical device behavior and activity on the network, detect anomalies, and stop threats in order to ensure patient safety and data protection. Cynerio grew substantially in 2020, concluding the year with a 300 percent year-over-year revenue increase, the company reported.
Cynerio said it will use the funding to “fully realize its vision of being the healthcare industry’s go-to cybersecurity and asset management solution” by expanding its channel program, forming strategic partnerships with leading solution providers and expanding its clinically-intelligent toolbox of preemptive and proactive Zero Trust solutions into a full-service, responsive security platform, the company said.
The funding will also support the acceleration of technological development and enhance support to Cynerio’s existing customers while reinforcing its leading position in North America as well as its global expansion.
“It’s critical to have partners who intimately understand the healthcare industry and its exceptional needs, especially now with the unprecedented pressures COVID-19 has introduced. Cynerio is extremely grateful for the continued faith and support of Elron, Accelmed and MTIP,” said Leon Lerman, CEO and co-founder of Cynerio. “With the additional backing of ALIVE and their expertise in the US healthcare system, we’ll be able to continue advancing our product offerings to support healthcare providers, with unparalleled threat detection, preemptive security and response capabilities, while alleviating healthcare’s coinciding operational challenges.”
As COVID-19 continues to strain the global healthcare industry, barrages of cyber attacks accentuate the need for robust healthcare-specific security and automated asset management solutions. To meet and exceed those needs, Cynerio scaled from a security solution focused only on medical devices to a full-suite, one-stop-shop healthcare IoT cybersecurity platform that covers every threat vector on every connected device, it indicated.
The clinically-intelligent platform automates asset discovery and risk reduction, and takes the evolution of IoT security one step beyond visibility, providing healthcare teams with the ability to not just identify more problems on their network, but to actually solve them and secure their organization to ensure patient safety, data integrity and operational continuity.
“As a team of veteran healthcare leaders, we know the importance of healthcare cybersecurity first-hand. Cynerio’s exceptional team has created an intuitive, cost-effective and high-quality suite of solutions that healthcare professionals can rely on to protect their patients, staff, and business integrity with confidence,” said Dudi Klein, managing partner at ALIVE.