Waltham-based cybersecurity company Dover Microsystems has secured $6 million in seed funding. The round was led by Hyperplane Venture Capital, with participation of Qualcomm Ventures, the Hub Angels Investment Group and Draper in Cambridge, where the company has been incubating for around two years.
The round of financing will enable the company to expand its engineering and product development efforts, as well as support new hires across the marketing and sales departments. The additional marketing and sales support will focus on vertical industries such as the semiconductor, automotive, medical, energy, point of sale and connected home industries.
What's unique about Dover Microsystems is the company's approach to cybersecurity, which is hardware-based. Instead of producing security software like its competitors, Dover Microsystems - one of BostInno's 12 Boston cybersecurity startups to watch in 2017 - provides an integrated co-processor that checks every instruction execution to make sure it’s safe and secure.
The company said that its product enables hardware to enforce security policies to defend processors and embedded systems against all network-based attacks, including attacks to processors embedded in cars, cameras, pacemakers and power grids.
Dover began commercializing its technology in 2015, while the company’s core team was still part of Draper — the research and development facility born out of MIT that focuses on technology solutions to problems relevant for the national defense.
Draper has a licensed partnership to serve its traditional government and military customers with the technology developed by the Dover team, which instead serves the commercial sector since spinning out in August 2017.
"Today’s cybersecurity solutions have left companies and individuals even more exposed. By rethinking cybersecurity and leveraging a hardware-based approach, we can eliminate network-based attacks and safeguard embedded devices from attacks that target software vulnerabilities," said Jothy Rosenberg, co-founder and CEO of Dover Microsystems, in a statement. "With the recent infusion from our investors, our mission will be to further evangelize true cybersecurity and continue to deliver trusted solutions that bring security, safety, and privacy to the IoT industry."
