Healthcare IoT cybersecurity and asset management startup Cynerio announced on Wednesday that it has secured $30 million in series B funding. The investment round was led by ALIVE Israel HealthTech Fund, with existing investors, global VC Accelmed, RDC, Elron’s joint venture with Rafael, and Swiss-based growth investor, MTIP, also participating 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.
The Israeli startup, which has raised a total of $40 million to date, was founded in 2018 by Leon Lerman and Daniel Brodie. The company currently employs 40 people, 30 of them in Israel, and is expected to recruit dozens of additional employees for its R&D center in Ramat Gan.
Cynerio aims to 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.
"The Covid-19 pandemic brought with it new challenges for the cybersecurity and health sectors," said Leon Lerman, CEO and co-founder of Cynerio. “With the additional backing, 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.
"As a team of veteran healthcare leaders, we know the importance of healthcare cybersecurity first-hand," said Dudi Klein, Managing Partner at ALIVE. “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."