SAN FRANCISCO, Calif, October 30 2020
Cryptyk Inc., a US based developer of enterprise-class cyber-security and cloud storage products, and Hyperfield, a US based developer of software for industrial and military markets, today announced the formation of Cryptyk MED (see www.cryptykmed.com) to focus on the massive digital healthcare market.
Cryptyk MED is an independent joint venture between Cryptyk and Hyperfield, created with the goal of delivering military-grade cyber-security via decentralized cloud technologies to the global healthcare market. Cryptyk MED is combining the security and privacy of decentralized cloud technology with video conferencing, artificial intelligence, IoT and smart device technologies to deliver the next generation of digital healthcare. Cryptyk MED will define tomorrows evolution of virtual healthcare services as secure, private and intelligent.
Chairman of Cryptyk MED and CEO of Cryptyk, Dr Adam Weigold, commented that "this is a very exciting new venture that will dramatically expand the reach of Cryptyk technology into the hottest tech market in the world. This new healthcare business is a direct response to the current global coronavirus pandemic and the associated surge in demand for telehealth services. The COVID-19 pandemic has caused a 650% growth in telehealth services as both doctors and patients participate in remote consults for personal safety reasons. However cyber-attacks have also grown over 300% during the pandemic as digital healthcare platforms have proven to be highly vulnerable. Cryptyk's unique decentralized cloud storage and security technology has enormous potential to solve the security and privacy problems that now plague the healthcare industry. The global telehealth and digital healthcare markets are currently worth in excess of $90 Billion and are now growing at a staggering rate over 25% CAGR. There is a massive opportunity in healthcare to be the first market entrant to offer fully private, secure decentralized cloud technologies."
Cryptyk MED is building a strong experienced team with a diverse range of skills in key disciplines including health sciences, cyber-security, blockchain, cloud storage, AI and SaaS software. Dr. Kristin Kelly, who has been appointed as CEO of Cryptyk MED, has a PhD in Neuroscience from Wake Forest Medical school. She also has 8 years experience in business development, marketing and sales roles for numerous Bay area SaaS startups as well as working for IBM Bluewolf in SaaS sales.
Hyperfield Founder Naveen Sydney will be joining the Cryptyk MED executive team as CTO. He added to Dr Weigold's comments noting "Cryptyk will receive direct revenues from Cryptyk MED sales as an OEM supplier of infrastructure services, and we will also migrate many Cryptyk MED users into being Cryptyk customers. Cryptyk MED will deliver its first product, a HIPAA compliant version of its Vault cloud storage and Sentry security platforms, to the market in Q1 2021. Not only will Cryptyk revenues benefit from this expansion into the healthcare market, the Cryptyk Token (CTK) will also dramatically increase in usage to power an expanded blockchain network that now will include healthcare customers."
In other news related to the global pandemic, Cryptyk also announced an overall market diversification strategy into several new markets other than financial services and healthcare. The company is currently in discussions with potential flagship customers in the Media, Energy, Military and Government enterprise markets. This new diversified business strategy is in response to a previous over-reliance on the financial services market for cyber-security products which has dramatically stalled since March 2020. The pandemic has effectively delayed Cryptyk's original go-to-market strategy focused solely on financial services by 6 months. Planned customer trials for Q3 2020 have been deferred many times this year by partner banks and credit unions while they focus all their efforts on loss mitigation and remote customer service. Consequently customer trials for banking customers are now scheduled for Q1 2021 with a full product release planned for Q2 2021. Since March 2020 financial services has gone from being the ideal cyber-security market into being one of the worst markets for any new technology adoption. Conversely Media, Energy, Military and Government markets for cyber-security products have been growing strongly throughout the pandemic. The company has also secured additional equity financing during 2020 to ensure the delays experienced with financial services customers do not affect business viability. It will also use this new funding to assist its expansion of product offerings into the exciting new enterprise markets of healthcare, media, energy, government and defence. COVID-19 has been a major challenge for all companies including Cryptyk, but responsible and experienced management has ensured that next year Cryptyk will take advantage of several new opportunities that have been created by the pandemic.
CRYPTYK is the developer of Decentralized Cloud Storage and Security Auditing technology that provides orders of magnitude better security and privacy over conventional centralized cloud storage providers such as Google, IBM and Amazon. Cryptyk MED owns the exclusive IP, Marketing and Sales rights to CRYPTYK's decentralized cloud technology for all global medical and healthcare related markets.
Hyperfield is a leading developer of blockchain, IoT and smart device enterprise grade software for military and industrial markets. Cryptyk MED will leverage the broad technical experience and development resources of Hyperfield to assist in the development of its digital healthcare products.
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