Sitehop, a Sheffield-based cyber startup building encryption future-proofed against quantum cyberattacks, has received a £7.5m investment.
As quantum computing becomes more viable and accessible, there is widespread concern among cyber experts that current encryption standards are not capable of withstanding attacks from quantum computers.
The Information Commissioner’s Office (ICO) has already issued a warning to firms to prepare for quantum-proof encryption before 2035, creating a potentially lucrative opportunity for cyber startups specialising in post-quantum cryptography.
One such startup is Sitehop, which has developed a security system that encrypts data in hardware rather than software, which it claims is not only quantum-resilient but also reduces latency and energy costs.
“Sitehop is proving the critical need for future-proof encryption, demonstrated by our early customer traction globally,” said Sitehop co-founder and chief executive Melissa Chambers.
The company’s chief technology officer, Ben Harper, added: “Our mission has always been to deliver world-class security that is ultra-low latency, hardware-enforced, and resilient against future threats like quantum computing.”
The investment was led by Northern Gritstone, one of the most active investors in the north of England.
“Our focus is always on ‘profit with purpose’, helping to support visionary companies with strong intellectual property to grow out of the North of England,” said Duncan Johnson, chief executive of Northern Gritstone.
“Sitehop is an example of the incredible deep tech innovation coming out of Sheffield’s innovation cluster, providing game-changing technology to support businesses in future-proofing their cybersecurity protection.”
Discussing the support from Northern Gritstone, Chambers added: “As a Sheffield-founded company, this investment from Northern Gritstone supports our mission to grow and scale in the region and build world-leading sovereign encryption capability right here in the UK – meaning we can accelerate international expansion while keeping the UK at the forefront of world-class cybersecurity innovation.”
Other participants in the round included Amadeus Capital Partners, Manta Ray, Mercia Ventures and the Northern Powerhouse Investment Fund managed by Mercia.
Sitehop previously raised £5m in an investment round in February 2024.
