Medical device security firm Medigate said today that it raised $15 million in a Series A financing round to support its medical device security and asset management platform.
The round was led by newly invested U.S. Venture Partners and joined by previous investors YL Ventures and Blumberg Capital, the New York-based company said.
“Medigate’s unique technology platform, strategic partnerships with industry-leading security vendors and traction over the last year in the healthcare market made the company an attractive investment,” USVP partner Jacques Benkoski, who is slated to join Medigate’s board, said in a prepared statement.
“Medigate’s technology and focus make it the logical choice for healthcare organizations entrusted with securing the medical devices on their clinical networks,” Blumberg Capital managing director Bruce Taragin said in a prepared release.
Funds from the round will be used to support continued growth and to expand the company’s workforce triplefold over the next 18 months, Medigate said.
The company developed and supports a medical device security and asset management platform designed to identify, tag and fingerprint individual medical devices beyond their IP address. Tags for devices are based on type, vendor and model, and allow for better visibility into types, vendors, protocols and operations systems, Medigate said.
“U.S. Venture Partners, with its investment focus encompassing both cybersecurity and IT-enabled healthcare is uniquely qualified to understand the complex and pressing security issues that Medigate addresses for both device manufacturers and the healthcare networks that deploy these life-saving devices. Working with USVP and our initial investors, YL Ventures and Blumberg Capital, we are poised for rapid expansion by helping our customers confront the unique security risks and management challenges associated with connecting medical devices to clinical networks,” CEO Jonathan Langer said in a press release.