New York-based Cylera closed a $10 million Series A, looking to help protect hospitals from cyberattacks and keep vital medical equipment working.
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The new round brings the company’s total funding to $17 million and was led by Concord Health Partners and Maverick Ventures. Other investors in the company include Contour Venture Partners, Dreamit Ventures, Great Oaks Venture Capital, Red Bear Angels and Samsung NEXT.
The health care IT cybersecurity space was expected to heat up this year, and thus far has not disappointed. On Feb. 23, Palo Alto, California-based Armis Security — a leader in IoT security including that for health care — raised $125 million at a $2 billion valuation. That was followed by two acquisitions, when on Feb. 23 CloudMD bought health care data integration and security provider IDYA4, and 10 days later Relay Medical acquired IoT cybersecurity firm Cybeats Technologies.
“The Armis deal helped validate the market,” said Cylera’s co-founder and CEO Timur Ozekcin. “We feel this is the time to rev up.”
Founded in 2017, Cylera developed its platform for three years before becoming revenue producing last year. The platform helps hospitals manage assets as well as analyse risk and threat detection.
Taylor Whitman, managing director at Concord Health Partners, said one of the key aspects of the platform is its ability to quarantine connected devices, but not completely shut them down, which could be problematic in a hospital setting with vital devices.
“With everything connected — and that is not going to go away — security just is so paramount,” he said.
Ozekcin acknowledged the growing health care IT security market, mentioning companies that have all entered the space, such as CyberMDX and Medigate, let alone large IoT players like Armis. Nevertheless, Cylera has big plans for the new funding and its future growth.
The company plans to double its 26-person workforce in the next 6 months, as well as look to get into new geographies such as Asia-Pacific and creeping farther into Europe.
Although the company just announced its Series A, Ozekcin acknowledged he can envision a Series A1 or B within a year as the company pushes growth.
“It’ll be driven by the market,” he said. “But it could even be sooner.”
Illustration: Dom Guzman
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