Safeguard Scientifics leads $750,000 Seed Financing for MedCrypt, an early-stage medical device software security company

Core technology will secure communications between clinicians and connected medical devices at health systems

Philadelphia, PA and San Diego, CA, September 13, 2016 — MedCrypt, an early-stage medical device software security company, today announced the closing of $750,000 in seed round financing led by Safeguard Scientifics (NYSE:SFE) and a group of angel investors. Proceeds will be used to conduct commercial pilots with leading medical device vendors.

“The increased use of, and dependency on, connected devices at hospitals and health systems has revealed security risks and vulnerabilities, consequently putting patient safety at risk,” said Mike Kijewski, co-founder and CEO of MedCrypt. “While it’s distressing to think about a hacker remotely disabling a medical device, it’s far more unnerving to consider a hacker silently taking over a device and sending it malicious instructions, resulting in a patient’s injury or worse, death. MedCrypt’s software allows manufacturers to authenticate users, encrypt data, and cryptographically sign settings and patient prescriptions. MedCrypt also has the ability to monitor transactions between clinicians and devices for malicious behavior, protecting struggling health networks from unforeseen cyber threats. Our technology is designed to ensure that only instructions from a trusted source are executed by the medical device.”

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