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CyberMDX raises $20M to help improve medical device security

Zack Whittaker
Medical diagnostic and treatment machines stand by the bed of a patient diagnosed with Covid-19 inside the intensive therapy unit (ITU) ward at the Sant Pau hospital in Barcelona, Spain, on Thursday, April 2, 2020. Spain reported the lowest number of new coronavirus cases in more than two weeks, a sign that Europes biggest outbreak is slowing. Photographer: Angel Garcia/Bloomberg via Getty Images

Healthcare security startup CyberMDX has raised $20 million in its latest round of fundraising, the company confirmed Tuesday.

The New York-based security company works primarily to secure medical devices and improve hospital network security through its cyber intelligence platform, which manages a hospital's network-connected assets and devices, and monitors threats in real-time.

CyberMDX has become one of the more established cybersecurity startups in the medical space, despite being founded only four years ago. Its research arm has already identified a number of vulnerabilities in widely used medical devices, including an infusion pump and a networking protocol used in anesthesia and respiratory machines, prompting Homeland Security to send out an alert.

The $20 million raise was led by Europe's largest insurance and risk management provider Sham, a division of Relyens Group, with participation from existing investors Pitango Venture Capital and Qure Ventures.

CyberMDX said it'll use the $20 million to roll out its platform across new geographies and markets.

The funding could not have come at a more crucial time. With thousands of hospitals and medical facilities across the world feeling the strain from the coronavirus pandemic, CyberMDX wants its platform to help ease their burdens.

"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," said CyberMDX co-founder and chief executive Amir Magner.

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