What You Should Know:
– Medigate announced $30M in Series B financing to expand its medical and IoT device security solution to ensure patient privacy and safety.
– Medigate fuses the knowledge and understanding of medical workflow and device identity and protocols with the reality of today’s cybersecurity threats. With Medigate, hospital networks can safely operate all medical devices on their network, enabling deployment of existing and new devices to patients while ensuring privacy and safety.
Medigate, a New York City-based provider of IoT and medical device security and asset management, today announced it has raised $30M in Series B funding led by new investor Partech, a global technology investor respected for its track record in scaling technology innovators globally. The round also includes participation from existing investors YL Ventures, U.S. Venture Partners (USVP), and Blumberg Capital also participated in the round and were joined by Maor Investments. This brings Medigate’s total funding to $50M, including a Series A round completed in 2019.
IoT Device Security Solution Designed for Healthcare
Founded in in 2017, Medigate fuses the knowledge and understanding of medical workflow and device identity and protocols with the reality of today’s cybersecurity threats. With Medigate, hospital networks can safely operate all medical devices on their network, enabling the deployment of existing and new devices to patients while ensuring privacy and safety.
Medigate’s solution addresses patient safety and privacy by automatically locating, identifying, and managing the security posture of all devices connected to the network, in addition to powering clinical engineering with the device data they’ve never had available before to manage their fleet of medical devices. Medigate has continued its tremendous growth by demonstrating how comprehensive device data leads to new ROI and cost savings in healthcare delivery organizations around the world, from the largest health systems to specialty hospitals.
Expansion Plans
Medigate will use the investment to execute its vision of becoming healthcare’s security and clinical analytics company. As the volume and velocity of data generated from IoT and medical devices surges, healthcare organizations are expanding their digital strategies beyond their walls to include technology like wearable devices designed for patient monitoring and mobile devices used for telehealth. Providing a single, comprehensive solution for them will not only help reinforce their security stance from the core to the edge, but it will also provide analytics that will help drive operational efficiencies, organizational effectiveness, reduction in CapEx and OpEx, improve patient experiences, and much more.
Why It Matters
Gartner has forecasted that the number of connected devices will grow to 25 billion by 2021. According to Healthcare Informatics Research, more than 40% of those will be used in the healthcare industry by the end of this year to improve patient outcomes. The explosion of connected devices is dramatically increasing cybersecurity and medical device management challenges for healthcare delivery organizations.
“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,” said Jonathan Langer, CEO and Co-Founder of Medigate. “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.”
