Cybeats

Cybeats builds SBOM Studio, a software bill-of-materials (SBOM) system of record aimed at manufacturers of connected and medical devices. The platform ingests SBOMs and VEX (Vulnerability Exploitability eXchange) documents across a product’s lifecycle, correlates component-level vulnerabilities against known CVEs, and gives device makers a continuously updated view of what open-source and third-party code is actually running in their products. That is a narrower, more regulated problem than generic application security scanning, and it is the company’s whole focus.

The company was founded in Toronto in 2016 by Peter Pinsker, Dmitry Raidman, and Vladislav Kharbash, and was acquired in 2021 by Relay Medical Corp, a publicly traded medical-technology holding company (CSE: RELA), for roughly $7.18 million in cash and stock. Rather than being absorbed and rebranded, Cybeats continued operating under its own name as Relay Medical’s cybersecurity subsidiary, with Relay using the acquisition to build out a dedicated medical-device cybersecurity offering alongside its diagnostics business.

Cybeats’ relevance is tied directly to regulation: FDA premarket cybersecurity guidance for medical devices, the software supply chain provisions of U.S. Executive Order 14028, and the EU Cyber Resilience Act all now push device manufacturers toward maintaining verifiable SBOMs. Cybeats positions SBOM Studio as the compliance and risk-visibility layer that satisfies those requirements without manufacturers having to build SBOM tooling in-house.

As a small subsidiary of a micro-cap public parent, Cybeats’ disclosed customer base and financials are thin, and most public information about the company’s traction comes from Relay Medical’s own investor press releases rather than independent reporting. The underlying technology fit for a real and growing compliance problem is genuine, but the company’s scale and independent validation remain unproven.