Blackwell Security, a healthcare-focused cybersecurity company, has secured $13 million in a funding round led by General Catalyst and Rally Ventures.
The company, co-founded by General Catalyst and Rally Ventures, has hired Geyer Jones as its first chief executive officer. Mr. Jones previously served as Chief Operating Officer of healthcare IoT security company Cylera and Chief Strategy Officer of RSA.
The Michigan-based company works with partners and health systems, such as General Catalyst's Health Assurance Network, to test and create cyber threat detection and response solutions.
Blackwell's Managed Healthcare Extended Detection and Response (MHXDR) products provide healthcare systems and providers with cybersecurity solutions customized to an organization's needs and address each endpoint within a provider's network.
Interviewed by Jaclyn Miller, President and Chief Operating Officer of Blackwell. Mobi Health News We discussed the funding and highlighted what sets Blackwell's services apart from other cybersecurity companies on the market.
„I don't think current providers have a good understanding of where PHI (personal health information) is and isn't, and that's compromising threat detection,“ Miller said. .
“Being able to determine whether PHI has been compromised during an investigation without having the context of how the healthcare operates and where the PHI resides is critical. It is not something that can be set to „Resolved.“
There are also more areas within healthcare that aren't typically served by MDR providers and other security services, she said, such as the combined medical device space and clinical application space that Blackwell is working on.
The Change Healthcare attack has highlighted the need for bespoke solutions to manage specific pain points within healthcare.
“The Change Healthcare breach is similar to the coronavirus pandemic we experienced. The entire industry knew it was a threat and needed to be addressed, but until it happened This emphasizes to the industry that this issue has been going on for a long time and now needs to be taken seriously as it is the next pandemic in the medical world. I think it's a great opportunity,“ Miller said.
The company, which started as a GC hatch company, leverages the partnership it has built with General Catalyst to ensure its applications fit into the healthcare market and address their pain points.
“[General Catalyst]provided us with a lot of practical advice on starting a business, but more importantly, we learned about the relationships that General Catalyst has built in the healthcare industry and the relationships General Catalyst has built. „The trust that we've had has helped us a lot,“ Miller said.
“This allows us to spend less time providing feedback and testing when launching solutions as to the scope of what is and isn't valuable within the in-network health insurance programs offered by General Catalyst. We have some pretty big names, so we can provide a best-in-class cybersecurity program to any healthcare organization, regardless of size, in the United States,” Miller said.
The company plans to use the funding to expand its security business and go-to-market team.
“More importantly, we are building threat detection, response, and automation capabilities on the MHXDR platform, so we can customize playbooks for automated response much faster than other competitors or other tools.” and leveraging AI to achieve a truly unique look. Across the tools, that's where we're at,” Miller said.
“We partner with many technology companies in the market to integrate the solutions they already have in place. Our goal is to enter new customer environments and strip them of the technology they have. It's not about replacing it, it's about using it and leveraging it. Then leverage it further to provide the level of protection you need.“