Sitehop, a Sheffield-based cyber startup constructing encryption future-proofed in opposition to quantum cyberattacks, has acquired a £7.5m funding.
As quantum computing turns into extra viable and accessible, there may be widespread concern amongst cyber specialists that present encryption requirements usually are not able to withstanding assaults from quantum computer systems.
The Info Commissioner’s Workplace (ICO) has already issued a warning to corporations to organize for quantum-proof encryption earlier than 2035, making a probably profitable alternative for cyber startups specialising in post-quantum cryptography.
One such startup is Sitehop, which has developed a safety system that encrypts knowledge in {hardware} somewhat than software program, which it claims isn’t solely quantum-resilient but additionally reduces latency and power prices.
“Sitehop is proving the crucial want for future-proof encryption, demonstrated by our early buyer traction globally,” stated Sitehop co-founder and chief government Melissa Chambers.
The corporate’s chief expertise officer, Ben Harper, added: “Our mission has all the time been to ship world-class safety that’s ultra-low latency, hardware-enforced, and resilient in opposition to future threats like quantum computing.”
The funding was led by Northern Gritstone, probably the most energetic buyers within the north of England.
“Our focus is all the time on ‘revenue with objective’, serving to to assist visionary firms with sturdy mental property to develop out of the North of England,” stated Duncan Johnson, chief government of Northern Gritstone.
“Sitehop is an instance of the unimaginable deep tech innovation popping out of Sheffield’s innovation cluster, offering game-changing expertise to assist companies in future-proofing their cybersecurity safety.”
Discussing the assist from Northern Gritstone, Chambers added: “As a Sheffield-founded firm, this funding from Northern Gritstone helps our mission to develop and scale within the area and construct world-leading sovereign encryption functionality proper right here within the UK – which means we will speed up worldwide growth whereas holding the UK on the forefront of world-class cybersecurity innovation.”
Different members within the spherical included Amadeus Capital Companions, Manta Ray, Mercia Ventures and the Northern Powerhouse Funding Fund managed by Mercia.
Sitehop beforehand raised £5m in an funding spherical in February 2024.
