CyberGRX, the provider of a third-party cyber risk management platform, announced Tuesday (April 18) that it has raised $20 million in Series B funding.
In a press release, CyberGRX said the round was led by Bessemer Venture Partners and included participation from existing investors Aetna Ventures, Allegis Capital, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures, TenEleven Ventures and several other strategic investors.
CyberGRX said it will use the funding to accelerate adoption of the CyberGRX Exchange, which it claims is the world’s first global third-party cyber risk management (TPCRM) exchange.
“For an enterprise today, managing cyber risk requires visibility into the extended network of vendors who store information about us,” said David Cowan, the BVP partner joining CyberGRX’s board of directors. “The CISO’s we surveyed overwhelmingly look to CyberGRX to help them identify, assess and remediate cyber risks in their extended networks.”
According to CyberGRX, as a company’s digital ecosystem grows and becomes more interconnected, the volume and complexity of security and risks from third parties — such as contractors, vendors, partners and customers — only grows. CyberGRX cited PwC’s 2016 Global State of Information Security report, which found third-party contractors are the biggest source of security incidents outside of a company’s employees.
At the same time that the risk is increasing, the third-party cyber risk management process is largely driven by sharing spreadsheets and trusting unvalidated assessments. The CyberGRX Exchange brings efficiency to this process while providing boardroom-level information about real-time cyber risk exposure across an enterprise’s entire ecosystem of third parties, the company said in the release.
The CyberGRX Exchange was launched in March and is aimed at making it simple and cost-effective for enterprises to get up-to-date access to third parties’ cyber risk assessments. The CyberGRX Exchange delivers standardized assessments, analytics, remediation management and real-time threat intelligence updates to enterprises and their third parties.
Amazon Web Services (AWS) has formed an artificial intelligence (AI)-centric health partnership with General Catalyst.
AWS says the collaboration, announced Monday (Jan. 13), combines its tech expertise with General Catalyst’s history of healthcare investments.
“AWS and General Catalyst believe that AI has immense potential to [effect] meaningful change in global health care,” AWS CEO Matt Garman said in a news release. “Together, we are taking bold steps to improve patient outcomes and make quality care more accessible to all by embedding AI throughout the care journey.”
According to the release, the partnership will focus on building and deploying AI-powered solutions to address crucial needs in predictive and personalized care, interoperability, operational and clinical efficiency, diagnostics and patient engagement.
The potential here is “vast,” the companies said, with plans to employ the power of generative AI using Amazon Bedrock and team with providers like Anthropic and Mistral AI as well as securely trained health care-specific models.
“One example is the ability to drive more personalized health care by using disease-specific models that process diverse health data—such as radiology and pathology scans, genomic sequencing information, clinical trial data, and electronic health records—to help doctors and researchers identify patterns and diagnose, make predictions about treatment outcomes, offer insights into disease progression, and more,” the release said.
Writing Monday about the intersection between generative AI (GenAI) and healthcare, PYMNTS CEO Karen Webster posited a world in which “your doctor knows you’re getting sick before you do” and healthcare is more of a “proactive partnership” than a thing to worry about.
“GenAI has the potential to shift the conversation — and time and dollars spent — from how much it costs to make people well when they get sick to preventing illness before it even begins,” Webster wrote. “That will make the future of healthcare about using GenAI to better understand and prevent disease. Interactions with the patient will become patient-first and smart-technology driven.”
The economics, that report adds, are “compelling,” as U.S. healthcare costs — which came to nearly $5 trillion in 2023 — are projected to reach $7.7 trillion by 2032. Many consumers, especially younger ones, say they’ll skip or delay medical care because they can’t afford it.
“That’s not just expensive — it’s unsustainable,” Webster wrote.
“By using intelligent monitoring devices and personalized health insights, it’s possible to dramatically reduce the cost of chronic disease management. Medication can be remotely prescribed, administered and monitored as appropriate, staving off a full-blown, expensive and potentially physically debilitating medical crisis.”