Dover Microsystems, a Waltham, Massachusetts-based cybersecurity company, has raised $6m in seed funding.
Hyperplane Venture Capital, a firm specialising in investments in full-stack machine intelligence companies, led the round. Additional funding was provided by Draper, Qualcomm Ventures, the investment arm of Qualcomm Incorporated, and the Hub Angels Investment Group, a series of angel funds focused on seed stage investments in new technology sectors.
“Without a doubt, Dover will revolutionise cybersecurity,” said Vivjan Myrto, Managing Partner of Hyperplane Venture Capital. “As attackers become more sophisticated, defensibility of processors will become a fundamental requirement for every system.”
As the IoT continuing to grow, cybersecurity risks are increasing in volume. The processors inside connected devices are not designed to protect against the vulnerabilities that exist in the software they run, which leaves companies and individuals exposed to attacks.
Dover Microsystems patented CoreGuard solution was specifically designed with these vulnerabilities in mind. The solution delivers protection against cyberattacks and integrates with market-leading RISC processors to eliminate software vulnerability risk from endpoint devices. A commercialized product since 2016, CoreGuard solution uses a proprietary approach to enable hardware to enforce updatable security policies to defend processors and embedded systems against all network-based attacks.
Geared towards the embedded device and industrial IoT industries, Dover said the seed investment will enable it to amplify engineering and product development plans. It will also provide marketing and sales support for critical vertical industries such as the semiconductor, automotive, medical, energy, point of sale, and connected home industries.
“Today’s cybersecurity solutions have left companies and individuals even more exposed. By rethinking cybersecurity and leveraging a hardware-based approach, we can eliminate network-based attacks and safeguard embedded devices from attacks that target software vulnerabilities,” said Jothy Rosenberg, Dover Microsystems co-founder and CEO. “With the recent infusion from our investors, our mission will be to further evangelize true cybersecurity and continue to deliver trusted solutions that bring security, safety, and privacy to the IoT industry.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
