“It’s critical that our bi-directional communication channel remains secure at all times, from both a privacy and safety standpoint,” said QuiO Co-Founder and CEO Alexander Dahmani. “We’re proud to be working with MedCrypt, because their technology has been successfully used to secure some of the highest-risk medical devices in the market and we want every available defense in today’s evolving cybersecurity landscape.”
This partnership arrives concurrently with the U.S. Food and Drug Administration’s (FDA) recently revamped guidelines for how medical device manufacturers develop and vet new products. Recent security breaches at prominent health systems, and the increased sophistication of “ransomware”, have roiled the industry and altered the way patients are protected. Many of the recommendations made by the FDA can be challenging for small-to-mid-sized device companies to comply with.
“We are looking forward to making data security a priority in the product development process for QuiO and similarly-staged companies,” said MedCrypt Co-Founder and CEO Mike Kijewski. “Smartinjector™ devices have the ability to reduce medical costs for patients and give them a portable therapy device they can take with them anywhere. As the bi-directional flow of data intensifies, we want to ensure accuracy and safety at every step.”
QuiO’s breakthrough technology was recently recognized by Accenture at the Startup Health Festival in San Francisco, California. The Smartinjector™ beat out more than 500 applicants from around the world in the “HealthTech Innovation Challenge”, as the product was billed as a better option for patients administering injectable therapies.
As QuiO begins to meet an expected rise in product demand, MedCrypt’s software will be able to leverage a machine-learning-based behavior analysis system, capable of adapting to unforeseen threats in cybersecurity.
In September 2016, MedCrypt raised an $850,000 seed round, led by Safeguard Scientifics and a group of angel investors.