NEW YORK–(BUSINESS WIRE)–Medigate, the first dedicated medical device security and asset management platform, today announces the completion of a $15M Series A financing led by new investor U.S. Venture Partners (USVP) with participation by current investors YL Ventures and Blumberg Capital. The company plans to use the funds to accelerate growth and triple headcount across R&D, sales, marketing and customer success over the next 18 months.
“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,” said Jonathan Langer, CEO of Medigate. “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.”
“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,” said Jacques Benkoski, partner at USVP who will join the Medigate board of directors. “With regulators appropriately taking a hard look at medical device security and the sheer growth in the number of devices being added to already complex clinical networks, we believe Medigate has a significant opportunity to advance its growth trajectory and capture the market,” added Dr. Jonathan Root who has led several IT-enabled healthcare investments for USVP.
The Medigate medical device security and asset management platform identifies, fingerprints and tags each individual medical device beyond the device’s IP address with tags based on its type, vendor and model. With better visibility into types, vendors, protocols and operation systems; smart detection through medical context and knowledge of clinical workflows; and informed prevention using domain specific knowledge, Medigate addresses the unique security risks generated by connecting medical devices to clinical networks.
Yoav Leitersdorf, managing partner at YL Ventures and lead investor for the seed round commented, “Jonathan and his team exceeded our expectations in securing a portfolio of strategic customers, including many top hospitals and healthcare systems in the US.”
“Medigate’s technology and focus make it the logical choice for healthcare organizations entrusted with securing the medical devices on their clinical networks,” added Bruce Taragin, managing director, Blumberg Capital.
For more information visit: https://www.medigate.io/.
Medigate is the industry’s first and leading dedicated medical device security and asset management platform, enabling providers to deliver secure, connected care. 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.
About U.S. Venture Partners (www.usvp.com)
U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 400 companies spanning three decades, including: Box, Castlight Health, Check Point Software, Concur, GoPro, Guidewire Software, HotelTonight, Imperva, InsideSales.com, Inspire, Intersect ENT, Omada Health, OncoMed, SanDisk, Sun Microsystems, Trunk Club, Trusteer, Yammer, and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer mobile and e-commerce, and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, California.
About YL Ventures
YL Ventures funds and supports brilliant Israeli tech entrepreneurs from seed to lead. Based in Silicon Valley and Tel Aviv, YL Ventures manages $140 million focused on deep-technology sectors and specializes in cybersecurity. YL Ventures accelerates the evolution of portfolio companies via strategic advice and U.S.-based operational execution, leveraging a powerful network of Chief Information Security Officers and global industry leaders. The firm’s track record includes successful, high-profile portfolio company acquisitions by major corporations including Microsoft, CA and Proofpoint.
About Blumberg Capital
Blumberg Capital is an early-stage venture capital firm that partners with passionate entrepreneurs to innovate and build successful technology companies. The firm specializes in leading Seed and Series A rounds collaborating with angel investors, other venture capital firms and strategic partners. The Blumberg Capital team are active investors and board members – operating as an extension of the entrepreneurs’ network. Blumberg Capital is headquartered in San Francisco with team members in Tel Aviv and New York.