Cynerio announced today that it 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.
Existing investors, global VC Accelmed, RDC, Elron’s joint venture with Rafael, and Swiss-based growth investor, MTIP, also participated in the funding round. ALIVE co-investors, CBG London investment company owned by Vincent Tchenguiz, also participated in the round and additional co-investors will join as well, including a leading UAE based investment group.
Cynerio will use the funding to fully realize its vision of being the healthcare industry’s go-to cybersecurity and asset management solution by expanding its channel program, forming strategic partnerships with leading solution providers and expanding its clinically-intelligent toolbox of preemptive and proactive zero trust solutions into a full-service, responsive security platform.
The funding will further support the acceleration of technological development and enhance support to Cynerio’s existing customers, while reinforcing its leading position in North America as well as its global expansion.
“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.”
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.
“We’re very excited to lead this investment round in Cynerio, the industry leader,” said Dudi Klein, Managing Partner at ALIVE. “As a team of veteran healthcare leaders, we know the importance of healthcare cybersecurity first-hand. Cynerio’s exceptional team has created an intuitive, cost-effective and high-quality suite of solutions that healthcare professionals can rely on to protect their patients, staff, and business integrity with confidence.”
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 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.
The 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.