MemorialCare Innovation Fund backs Asimily for IoT device security

• The capital infusion will be used to build and release new capabilities for IoT device risk management and security
• Asimily said it doubled revenue and customers year-over-year
• Lead investor MemorialCare Innovation Fund invests in early to mid-stage companies in medical devices, healthcare information technology and healthcare services

Asimily, a risk management platform for internet-of-things devices and web-connected equipment, has secured an investment from Memorial Care Innovation Fund. No financial terms were disclosed.

Ridge Ventures, which led Asimily’s most recent funding round, also participated in the investment.

The capital infusion will be used to build and release new capabilities for IoT device risk management and security

“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,” Brant Heise, managing director at MemorialCare Innovation Fund, said in a statement. “We look forward to supporting Asimily’s fast-paced growth and success as it enables IoT device security and compliance throughout the healthcare ecosystem.”

Based in Sunnyvale, California, Asimily said it “has consistently grown revenue and customers 100 percent year-over-year, with average deal sizes also increasing as more connected devices come online.”