28 February 2024, Sheffield, UK – Sitehop, a leader in networking encryption solutions, announces that it has raised £5M in Seed funding. The financing was co-led by Amadeus Capital Partners and Manta Ray Ventures with participation from Mercia Ventures, the Northern Powerhouse Investment Fund (NPIF), founders of Event Horizon Capital & Osney Capital and a number of strategic angels, including Rick Lazansky, founder of Silicon Catalyst, and Illia Polosukhin, founder of NEAR.
Sitehop addresses a critical challenge in the digital age: that current software encryption solutions slow down communications networks by adding delay to the system. Communications infrastructure providers face the choice of incurring significant additional costs by laying down extra fibre capacity to minimise the latency caused by encryption or to run lines without encryption which creates unacceptable enterprise risks.
Sitehop helps businesses proactively handle the escalating threat level from increasingly sophisticated cyber criminals, with hardware-enforced enterprise encryption. Its flagship product, SAFEblade 1100, is a significantly more secure alternative to software-based solutions being able to support over 4000 secure tunnels at once with an ultra-low encryption or decryption latency of less than 900 nanoseconds and at a data throughput of 100Gbps. This low latency is crucial in any scenario involving high bandwidth network traffic, such as data centres, the cloud, or edge computing environments.
The SAFE series of products is highly scalable, with additional devices being added as required to increase the volume of data handled. This creative solution makes Sitehop more cost-effective than competitors’ offerings that process data through a central computing platform. Sitehop also benefits the environment, dramatically reducing the power required for encryption by up to 90%.
Melissa Chambers, CEO, Sitehop, commented: “This investment allows us to expand our global reach, with sales and support engineering staff in Brazil, the US, India, and grow our Yorkshire headquarters. We will be adding engineers and production workers and moving into a new Sheffield location. The investment will also enable Sitehop to pursue its technology roadmap – fleshing out the range of SAFE products securing all types of data-in-motion, and developing parallel products using our world-class skillsets in cryptography and programmable hardware design. We aim to get Sitehop’s products into the backbone of most of the world’s networks in the next few years.”
Nick Kingsbury, Partner, Amadeus Capital Partners, said, “Sitehop is bringing a novel hardware-based approach to a fundamental challenge facing the providers of the essential network infrastructure underpinning our digital society. The flexibility and scalability of Sitehop’s data encryption technology makes it accessible to SMEs as well as large enterprises, meaning there need be no weak link in our defence against cyber criminality.”
Lawrence Barclay, Managing Partner, Manta Ray Ventures, said, “We are really excited to partner with Melissa, Ben and the Sitehop team in the next phase of their journey. We have been incredibly impressed at how thoughtful and effective an approach they have taken to the increasingly critical challenge of network security. We are past the point of dependency on data connectivity and need to ensure enough attention is put on how it is secured without compromise on performance and with important attention to energy efficiency.”
About Sitehop
Sitehop makes ultra-low latency, low power, hardware-enforced cybersecurity products for high-speed networks.
Sitehop was founded in 2022 by Ben Harper and Melissa Chambers. You can follow Sitehop on LinkedIn.
About Amadeus Capital Partners
A trailblazer for three decades, we invest in people who create transformational technologies and sustainable businesses.
We back early stage and growth companies in Europe and Latin America, from our locations in Cambridge, London and Oxford, and San Francisco. Find out more here and follow us on LinkedIn and Twitter.
About NPIF
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
