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Asimily Announces Strategic Investment from MemorialCare Innovation Fund to Further its Innovation in IoT Device Security

Asimily Announces Strategic Investment from MemorialCare Innovation Fund to Further its Innovation in IoT Device Security and Risk Management
Continuing to deliver new capabilities such as forensic analysis, Asimily will use the funding to accelerate the development of new platform tools and to expand within the healthcare industry

Asimily, a leading risk management platform for IoT devices and web-connected equipment, will accelerate its expansion within the healthcare industry with a strategic investment from MemorialCare Innovation Fund. Announced today, the investment includes participation from Ridge Ventures, which led Asimily’s most recent round. Asimily will also utilize the capital to build and release innovative new capabilities for complete IoT device risk management and security.

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Modern healthcare organizations—from medical and diagnostic practices to life sciences and pharmaceutical companies—depend on an ever-increasing number of web-connected devices and equipment to serve their patients, customers, partners, and employees, and to grow their businesses. The proliferation of the IoT in healthcare demands a wholly different approach to ensuring security than the existing endpoint and server infrastructure that the industry has been used to. Security risks for healthcare organizations have and will continue to arise from surprising new vectors, while many vulnerabilities that traditional cybersecurity solutions would otherwise flag as dangerous are inconsequential. Effective and efficient IoT device security depends on how accurately and quickly vulnerability risks can be identified, prioritized, and remediated through a purpose-built solution for healthcare organizations.

Asimily has led the charge in developing and delivering best-in-class vulnerability management, anomaly detection, threat investigation, and incident response to customers. The company continues to release innovative tools and modules that stay ahead of the fast-moving threat landscape. Among its most recent additions is a built-in policy management module that enables searching through the entire network data via a simple graphical interface (akin to Google the network data) for indicators of compromise and risky activity. Asimily’s Distributed Sniffer, also newly added, gives healthcare organizations an investigative tool for incident response and forensics to reveal the specific tactics and techniques that an attacker is using. Capabilities like these continue to reinforce the Asimily platform as a uniquely compressive risk management solution for the healthcare industry.

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“Across medical, diagnostic, life sciences, and pharmaceutical companies, demand for IoT device risk management continues to rise rapidly,” said Shankar Somasundaram, CEO, Asimily. “The value that web-connected devices and equipment can deliver to healthcare businesses is clear— but how to ensure they remain secure has been a challenge for many. We’ve built our company and platform around meeting this industry need head-on. We’re excited to work with MemorialCare Innovation Fund as our strategic investor and, alongside Ridge Ventures, we are eager to put this capital to work driving business development and expediting delivery of new capabilities built to address ever-evolving IoT security threats.”

“We believe that Asimily has built an impressive team that has identified a crucial and growing market need across the broad healthcare industry and created a proven solution that meets requirements for IoT device security that is substantially better than anything else on the market today,” said Brant Heise, Managing Director, MemorialCare Innovation Fund. “We look forward to supporting Asimily’s fast-paced growth and success as it enables IoT device security and compliance throughout the healthcare ecosystem.”

Asimily’s unique IoT security and risk mitigation capabilities are increasingly essential as the healthcare industry accelerates the implementation of connected devices. With ransomware attacks alone costing healthcare organizations $20.8 billion in downtime in 2020 (double the previous year), the stakes are clear. Asimily has consistently grown revenue and customers 100% year-over-year, with average deal sizes also increasing as more connected devices come online. The Asimily platform now secures more than 20 million medical IoT devices and analyzes more than 1000 terabytes of data daily to safeguard those devices from risk.

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