Securing the healthcare space
Israeli cyber startup Cynerio, which develops data security solutions tailored to healthcare, announced the closing of a $30 million Series B funding round. The investment was led by ALIVE Israel HealthTech Fund, with participation from existing investors globalVC Accelmed, RDC, MTIP, and CBG London, in addition to others.
"Preemptive security and response capabilities"
From digital and telehealth revolutions to advanced medical devices, the healthcare sector has continued to add new developments to a wide variety of consumer focused services. Cynerio identified the need for a robust solution, and expanded its previous medical device limited cybersecurity policy to cover the entirety of the connected and IoT healthcare devices. The company deploys zero trust preemptive and proactive security measures; continuously hunting for vulnerabilities and alerting to possible breach points.
The Cynerio solution aims to be the 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.
Cynerio was founded in 2017 by CEO Leon Lerman and CTO Daniel Brodie. The company will look to use the new funds to further cement its global position while expanding, with a focus on North America. “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,” noted Leon Lerman, CEO and co-founder at Cynerio.
Japanese insurance giant takes stake in Israeli cyber startup
Israeli startup Upstream Security secured $36 million in total funding from Japanese company Mitsui Sumitomo Insurance (MSI), as well as an additional $2.5 million from Israeli insurer Direct Insurance. This is the opening shot for Upstream’s Series C, which according to the company, will be completed in the upcoming months. The current investment joins the company’s 3 other rounds, which total $43 million to date.
Collecting data from connected cars, not just for cyber
Upstream Security develops an AI-powered security platform that can drastically reduce remote control access to connected vehicles. The company offers vehicle manufacturers and OEMs, application developers, service providers, and fleet management enterprises a preemptive solution that shuts down cyber attacks before they can reach the vehicle’s network. The data collected from the vehicle is displayed on a single dashboard, from which the entire fleet can be managed and monitored in real-time.
The data platform combines machine learning, database normalization, and digital twin technologies, as a method to secure active networks and uncover anomalies in real-time.
The company’s biggest technological advantage stems from it being a cloud based platform, eliminating the need for costly and time consuming software or hardware installations. Instead, fleet management companies can subscribe to Upstream’s SaaS service and receive immediate access to monitor incoming and outgoing data managed through the cloud.
Despite appearances of a cyber company, Upstream turns out to be a bit more. As vehicles continue to get smarter, they will generate additional data that could have value. In the case of MSI, which invested a small fortune in the Israeli startup, that added value could be a game-changer for the insurance sector, with smarter risk management analysis, as well as a way to offer improved personalized products.
“As part of our ‘Vision 2021’, medium term business plan, we at MSI aim to improve the customer experience through digitalization,” said Masashi Ippongi, Director, Managing Executive Officer at Mitsui Sumitomo Insurance Company, Limited. “Upstream’s data analytics vantage will help MSI satisfy the consumer demand for higher-value and next-gen insurance products, applications, and services.”
Automotive giants hitched a ride
Upstream was founded in 2017 by Yoav Levy and Yonatan Appel. The company employs a team of 70, split between offices in Herzliya, San Mateo, Detroit, Munich, and Tokyo. MSI is the latest market giant to join as a company stakeholder, with the list including Alliance Venture Capital, the group behind Renault, Nissan, and Mitsubishi; Volvo Group, Hyundai, Glilot Capital Partners, Maniv Mobility, and Salesforce.