Hopr has secured $500K in funding from TEDCO, that has invested an additional $300K, doubling down on their initial investment of $200K, which occurred last year.
“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,” said Tom McNamara, CEO of Hopr.
“We are thrilled to have the continued support of TEDCO and look forward to advancing our technology and growing our presence in the market,” McNamara added.
The rate of API attacks continues to grow, despite new solutions that seemingly have little to no effect. The cloud increasingly relies on containerized infrastructure to deliver all business applications, which in turn, relies on APIs to share data.
A 2023 report indicates that 78% of attacks come from seemingly legitimate users, but are actually attackers who have maliciously achieved the proper authentication. This means that stolen API credentials are a significant problem. Automated Moving Target Defense (AMTD) has emerged as an effective strategy that shifts focus from attack detection to attack prevention.
Hopr’s novel approach to AMTD prevents attacks from reaching API endpoints, employing its patented technology that is expected to become the future of cybersecurity. The company’s solution disrupts traditional approaches to certificates, keys, and secrets managers and ultimately end-to-end data encryption use cases by rotating workload credentials at a high frequency.
“In today’s day and age, cybersecurity is important for all businesses,” said Teddy Gresser, TEDCO investment analyst. “Hopr is offering businesses throughout Maryland, and beyond, another solution to keep their information safe.”
Hopr recently joined the Google for Startups Cloud Program, enabling the company to accelerate product development, perform efficient software testing in large-scale use and explore new multi-cloud features.