Funding

[Funding alert] UK-based Sitehop Secures £5Million in Seed Funding

Mar 1, 2024 | By Startup Rise EU

UK-based Sitehop secures £5million in seed funding. Amadeus Capital Partners, Manta Ray Ventures, and Mercia Ventures led the financing, with the Northern Powerhouse Investment Fund (NPIF) participating.

UK-based Sitehop secures £5million in seed funding. Amadeus Capital Partners, Manta Ray Ventures, and Mercia Ventures led the financing, with the Northern Powerhouse Investment Fund (NPIF) participating.

The founders of Silicon Catalyst and NEAR, Illia Polosukhin and Rick Lazansky, along with angel investors, founded Event Horizon Capital and Osney Capital.

The money will be used by the business to grow both its operations and growth initiatives. Established by Ben Harper and Melissa Chambers, Sitehop provides hardware-enforced corporate encryption to assist businesses in proactively managing the ever-increasing threat level posed by skilled cybercriminals.

Read also - Cleantech Startup Sonichem Secures €1.4 Million Pre-Series A in Funding

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The company's flagship product, SAFEblade 1100, can support up to 4000 secure tunnels simultaneously at a data throughput of 100Gbps and an ultra-low encryption or decryption latency of less than 900 nanoseconds, making it a secure alternative to software-based solutions.

In any situation where there is a lot of network traffic, such data centres, the cloud, or edge computing environments, this low latency is essential.

Melissa Chambers said: “This investment allows us to expand our global reach, with sales and support engineering staff in Brazil, the US, India, and grow our Yorkshire headquarters. We will be adding engineers and production workers and moving into a new Sheffield location. The investment will also enable Sitehop to pursue its technology roadmap – fleshing out the range of SAFE products securing all types of data-in-motion, and developing parallel products using our world-class skillsets in cryptography and programmable hardware design. We aim to get Sitehop’s products into the backbone of most of the world’s networks in the next few years.”

About Sitehop

Sitehop is a cybersecurity technology company that creates and provides FPGA hardware-enforced cyber security solutions for businesses who need the strongest security possible—a degree of protection that cannot be achieved with software-only solutions.

Read also - London-based Vitrue Health Secures €3.7 Million in Funding

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