Sitehop, a Sheffield, UK-based networking encryption solutions provider, raised £5M in Seed funding.
The round was led by Amadeus Capital Partners and Manta Ray Ventures with participation from Mercia Ventures, the Northern Powerhouse Investment Fund (NPIF), the founders of Event Horizon Capital & Osney Capital and angels, including Rick Lazansky, founder of Silicon Catalyst, and Illia Polosukhin, founder of NEAR.
The company intends to use the funds to expand operations and its development efforts.
Founded by Ben Harper and Melissa Chambers, Sitehop helps businesses proactively handle the escalating threat level from sophisticated cyber criminals, with hardware-enforced enterprise encryption. Its flagship product, SAFEblade 1100, is a secure alternative to software-based solutions being able to support over 4000 secure tunnels at once with an ultra-low encryption or decryption latency of less than 900 nanoseconds and at a data throughput of 100Gbps. This low latency is crucial in any scenario involving high bandwidth network traffic, such as data centres, the cloud, or edge computing environments.
Commenting on the news, 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.”
FinSMEs
01/02/20024