Hopr, a cybersecurity trailblazer specialising in automated moving target defense (AMTD) for cloud-based assets, has just announced a $500K funding injection.
The source of this financial endorsement is TEDCO, also known as the Maryland Technology Development Corporation.
Having seen their initial $200K investment in Hopr mature, TEDCO decided to invest another $300K, taking their total backing of the cybersecurity specialist to $500K. This substantial increase is testament to TEDCO’s confidence in Hopr’s innovative technology and its potential to make significant strides in improving cybersecurity.
Operating in an industry where API attacks are on the rise and cloud-based businesses increasingly rely on containerised infrastructure and APIs for data sharing, Hopr is setting out to overhaul cybersecurity norms. Their pioneering AMTD technology serves to protect APIs by preventing threats from reaching endpoints. This is achieved through the use of Hopr’s patented technology, which disrupts traditional methods of dealing with certificates, keys, and secrets managers, thereby improving end-to-end data encryption.
The $500K funding will primarily be channelled towards accelerating Hopr’s product-led go-to-market strategy. This includes offering their AMTD solutions via cloud software marketplaces, enhancing the support for their “free-forever” subscribers and improving the resiliency and reliability of company infrastructure.
A key part of Hopr’s recent strategic move is their partnership with the Google for Startups Cloud Program. This collaboration will expedite product development, facilitate large-scale software testing and further explore new multi-cloud features.
Hopr founder and CEO Tom McNamara expressed his thrill over TEDCO’s continued support, stating, “The outlook for startups has been rocky over the past 12 months due to liquidity and profitability concerns, but TEDCO’s second—and increased—investment in our company is evidence of strong investor confidence, which is a testament to both our company and its technology’s ability to generationally improve cybersecurity.”
Teddy Gresser, a TEDCO investment analyst, also shared his positive outlook on Hopr’s potential, noting, “In today’s day and age, cybersecurity is important for all businesses. Hopr is offering businesses throughout Maryland, and beyond, another solution to keep their information safe.”
Since Hopr’s inception in 2017, the company has been diligently providing data-rich enterprises with resilient security, ensuring the integrity of workload access and data. The recent funding of $500K by TEDCO is an addition to the initial investment of $200K made last year, marking an overall increase in financial backing for Hopr.
Memcyco, a cyber defence platform specialising in real-time website impersonation detection and prevention, has recently closed its seed round on $10m.
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