“Software is eating the world.”
These words were famously said in 2011 by investor Marc Andreessen, and meant that your computer is no longer the only computer in your home or workplace anymore. Today, we’re inundated by computers: they’re in our phones, TVs, watches, cars, pacemakers and even some refrigerators.
While increased hyperconnectivity might make some aspects of our lives simpler and more efficient, it also expands opportunities for cyber hacking as many of the processors inside these devices weren’t designed to protect against vulnerabilities located in the software they run.
In fact, a study by Hewlett-Packard found that 70 percent of the most commonly used IoT devices contain vulnerabilities, including encryption and password security.
This is where Waltham-based Dover Microsystems hopes to swoop in with its unique hardware-based approach to cybersecurity. And with a fresh $6 million in seed financing led by Hyperplane Venture Capital, the startup is well on its way to realizing its mission.
Calling itself, “the first company to bring real security to silicon,” Dover Microsystems offers a hardware product called CoreGuard, which empowers processors to defend themselves in real-time from security, safety and privacy risks. The product has been commercialized since 2017.
“Today's cybersecurity solutions are not working; most only increase vulnerabilities by adding yet another layer of inherently flawed software,” said Jothy Rosenberg, CEO of Dover Microsystems. “As a result, companies and individuals are left even more exposed.”
Geared toward the embedded device and industrial IoT industries, the seed funding will help Dover ramp up engineering and product development plans, as well as create more marketing and sales roles. These positions will provide support for critical industries like automotive, medical, energy, point of sale and connected home.
Being rooted in hardware makes CoreGuard unassailable because hardware cannot be altered over a network."
“Being rooted in hardware makes CoreGuard unassailable because hardware cannot be altered over a network,” Rosenberg said. “As a result, CoreGuard can block entire classes of network-based attacks and eliminate zero-day threats.”
The startup currently employs 15, with 12 of them based in Waltham. Rosenberg said they are looking to fill two positions: senior software engineer and senior hardware design engineer.
Additional funding was provided by Draper, Qualcomm Ventures, the investment arm of Qualcomm Incorporated, and the Hub Angels Investment Group, angel funds focused on seed stage investments in new tech sectors.
In 2018, we plan to fill out our engineering team with top-notch hardware and software engineers."
“In 2018, we plan to fill out our engineering team with top-notch hardware and software engineers,” Rosenberg said. “By the end of the year, we're hoping to sign three new customers to design CoreGuard into their products with anticipated production in 2019.”