- Cynerio, a startup providing cybersecurity for healthcare Internet of Things devices, has received an infusion of $7 million in its latest funding round.
Investors in the most recent round are Accelmed, an investment firm focused on medical device companies and technologies, RDC, which invests in medical device and cybersecurity startups, and MTIP, a venture capital firm focused on digital health.
Cynerio’s machine learning-based healthcare IoT security technology provides the following capabilities:
- Visibility: automatic discovery and classification of medical devices on the network
- Risk analysis: mapping the risk and vulnerabilities associated with the devices, allowing the organization to take proactive measures to lower risk
- Detection: real-time monitoring and anomaly detection within a medical context
- Protection: stopping malicious communications without disrupting device operation
Current Cynerio customers include Rambam Hospital and Tel Aviv Medical Center.
“Cynerio is committed to protecting the future of healthcare by focusing on its weakest link – the connected medical devices and Internet of Medical Things (IoMT). We are delivering a tailor-made, healthcare driven solution for providers to ensure patient safety and data protection while maintaining operational continuity,” explained Cynerio CEO Leon Lerman.
“The US healthcare market is woefully underserved by the security industry. Hospitals deserve cybersecurity solutions tailored to their needs, and this is where Cynerio can make a big difference with their technology that is not just identifying the shape of traffic between devices, but also the medical context of information,” said Amichai Shulman, Cynerio adviser.
The healthcare IoT market has taken off recently and is expected to continue to display strong growth. Zion Market Research estimates that the global healthcare IoT market will grow at a compound annual growth rate of 11 percent, reaching $14.7 billion by 2022.
One example of this growth was the recent award of a $750,000 Economic Development Administration (EDA) grant to Northeast Indiana Innovation Center to develop a healthcare Internet of Things lab in Fort Wayne, Indiana.
Work on the lab, called the Indiana Connected Health IoT Lab/Network, is planned to start this month. The money was granted under the EDA’s 2018 Regional Innovation Strategies Program.
NIIC President and CEO Karl LaPan revealed to Inside Indiana Business that the lab will do pilot projects and explore innovations in healthcare IoT.
LaPan said that the lab will be “focused on how to use technology to improve patient care, how to get greater engagement with patients and the care that they need in order to be successful with their health, and to work with companies and entrepreneurs and business builders and idea people to bring some of those game changing ways of engaging patients to the marketplace.”
Recent developments in wireless networking technology should facilitate growth in healthcare IoT device use. For example, the Wi-Fi Alliance recently introduced Wi-Fi Certified 6, which provides higher data rates, increased capacity for many connected devices, and improved power efficiency.
“Wi-Fi continues to be a predominant technology for accessing the internet, with a strong history of success. Wi-Fi Certified 6 will further escalate Wi-Fi’s role, with more than one billion Wi-Fi 6 chipsets expected to be shipped annually in 2022,” commented ABI Senior Research Analyst Andrew Zignani.
In addition, Rush System for Health recently became the first US hospital to launch a 5G cellular network. Employing AT&T’s cloud-based IT service environment at the edge of the network, Rush will manage its cellular traffic over both its local and wide area network.
“High-speed, low-latency 5G technology will help enable care to be delivered virtually anywhere at any time,” said Rush University Medical Center and the Rush System for Health VP and CIO Shafiq Rab.
“The technology will enhance access to care, even from long distances, while also helping to decrease costs and improve efficiency. Imagine sometime in the not too distant future, for example a doctor performing a virtual visit with a patient while downloading an entire MRI scan within seconds. The cutting-edge applications we’re implementing need a fast, reliable network to support them,” Rab concluded.