Columbia, USA-based leader in automated moving target defence security solutions for cloud assets, Hopr secured USD 500K in funding. The round took place on May 26, 2023. TEDCO (Maryland Technology Development Corporation) led the financing for the company. The company provided an additional USD 300K investment. Earlier in 2022, it invested USD 200K in Hopr.
Purpose of financing for Hopr
With the latest proceeds, Hopr has to plans to further advance its technology. It also looks forward to expanding its presence and powering its growth operations in the near future. The company seeks to accelerate its product-led go-to-market strategy, which includes listing its Automated Moving Target Defense (AMTD) solutions in cloud software marketplaces, supporting “free-forever” subscribers. It also intends to improve the resiliency and reliability of company infrastructure.
Earlier, the company joined the Google for Startups Cloud Program. Its mission is to accelerate product development, perform efficient software testing in large-scale use and explore new multi-cloud features.
What the company’s CEO has to add
Tom McNamara, Founder and CEO of Hopr, said, “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. We are thrilled to have the continued support of TEDCO and look forward to advancing our technology and growing our presence in the market.”
What the investor has to add
Teddy Gresser, the TEDCO investment analyst, further said, “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.”
About the company
Tom McNamara is the CEO of the company launched in 2018. Hopr develops technology to secure workloads, APIs and data across all cloud environments. Hopr’s novel approach to AMTD prevents attacks from reaching API endpoints. It employs patented technology that is expected to become the future of cybersecurity. The company’s innovative 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. Hopr disables threat actors and their methods before an attack occurs. Hopr streamlines the adoption of Zero Trust in cloud infrastructures – verifying credentials to prove identity before any workload is trusted.
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