Cynerio, an Israeli startup offering Healthcare IoT cybersecurity and asset management solutions, secured $30 million in Series B funding. The investment round was led by ALIVE Israel HealthTech Fund, Israel’s pioneering HealthTech investment fund, headed by former health system officials, medical professionals, and veteran medtech entrepreneurs. Additional co-investors include a leading UAE based investment group.
UAE money going into an Israeli startup, the Abraham accords continue to pay dividends even during the current conflict in Gaza.
???? Cynerio has secured $30 million in Series B funding, enabling us to become the #healthcare industry’s go-to #cybersecurity and asset management solution. More info on our funding with @AliveHealthTech, Elron, @MTIP_CH, Accelmed: https://t.co/Du0fOVZi4V pic.twitter.com/dOCFMchumwPlease help us out :
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— Cynerio (@cynerio) May 19, 2021
There is a reason why cybersecurity startups are so valuable today. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems. Just look at what happened to Colonial pipeline in America recently. The company admitted to paying off hackers in a ransomware attack. But before that its services were shut down and fear of shortages caused panic buying of gasoline all over the Eastern United States.
IoT cybersecurity refers specifically to protecting the Internet of Things. The Internet of things (IoT) describes the network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet.
Founded in 2017 by CEO Dr. Irit Yaniv and Dudi Klein, Cynerio calls itself the one-stop-shop Healthcare IoT security platform. With solutions that cater to healthcare’s every IT need – from Enterprise IoT to OT and IoMT – the company says that it promotes cross-organizational alignment and gives hospitals the control, foresight, and adaptability they require to stay cyber-secure in a constantly evolving threatscape. “We give healthcare organizations the power to stay compliant and proactively manage every connection on their own terms with powerful asset management, threat detection, and mitigation tools so you can focus on healthcare’s top priority: delivering quality patient care,” says Cynerio.
Cynerio grew substantially in 2020, concluding the year with a 300% year-over-year revenue increase. The company was recognized as the industry Leader in Forrester’s Connected Medical Device Security, Q2 Report and named a Gartner Cool Vendor in the 2020 Security Report, further highlighting the strength of Cynerio’s solutions and its unique approach to Healthcare IoT cybersecurity.
“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.”
The company explains that 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 says that it has 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. Its 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.”