Proceeds Will Accelerate Product Development with Lead Customer for First-of-a-Kind Life-Sustaining IoT Healthcare Solution
Irvine, Calif., January 4, 2017 – Thirdwayv, a leading provider of end-to-end connectivity solutions for mission-critical IoT applications, today announced it has closed a $3.8 million Series A funding round transforming convertible debt provided by private investors and an undisclosed publicly listed IT security company into preferred shares.
Founded in 2013, Thirdwayv is working to become the first company to enable Bring Your Own Device (BYOD) mobile phones to be used in safety-critical IoT applications such as patient monitoring and life-sustaining implantable drug delivery. The company’s proven, end-to-end technology and system architecture enable a “security by design” approach, from the hardware up, that ensures patients can safely use their own phones to connect with and control medical devices inside a trusted IoT environment. The solution can also be used for mission-critical applications including secure data access and creating trusted IoT solutions for smart homes, businesses and factories, cold-chain asset tracking, connected cars and critical infrastructure.
“This financing will enable us to accelerate deliveries to our lead customer, who is working closely with the FDA to certify an innovative new IoT healthcare application that will be used in tens of millions of medical devices annually,” said James Kamke, Thirdwayv Chief Executive Officer. “It will also enable us to scale operations to support growing demand for our software-as-a-service IoT connectivity and control platform and extend its use into a growing range of trusted IoT applications.”
Thirdwayv’s platform for healthcare IoT applications delivers secure peer-to-peer connectivity across the entire solution, starting with all device-to-device and smartphone-to-device wireless links and connectivity. It also secures the smartphone app controlling the medical device, as well as all identity management using a distributed root of trust to ensure no single point of system failure. Because all data remains encrypted, at all times, the platform meets and exceeds FDA safety requirements enabling any BYOD phone to act both as a cloud gateway solution and, when cloud access is unavailable, a secure controller for the medical device. This ensures continuous operation and the ability to receive secure over-the-air (OTA) firmware updates anywhere, anytime.
Thirdwayv helps its customers create secure, wireless IoT products and services for applications in healthcare, smart homes and buildings, industry automation and critical infrastructure. The company’s solutions improve how the world monitors and manages disease while automating processes and creating better, more personalized user experiences. The company is the first to turn any iOS or Android smartphone into a secure IoT device controller and cloud gateway that can ensure continuous system operation and access to firmware updates. The company’s Software-as-a-Service (SaaS) business model is designed to give customers the fastest path to IoT product and service deployment. For more details, please visit the Thirdwayv website at https://www.thirdwayv.com.