Hamilton-based startup, MergeBase, which aims to protect users against vulnerabilities in software, has raised $500,000.
Investors in the round were not disclosed. MergeBase will use the funds to ramp up sales and distribution. The startup’s solutions are aimed at large enterprises and one of its customers is a government agency that the company says processes “trillions of dollars” in payments every year.
MergeBase said the current COVID-19 crisis and social-distancing measures will accelerate the move to a fully digital economy, which means cybersecurity for digital assets will be even more critical to businesses and governments going forward.
“So many technology-powered companies are built on open-source code and third-party apps, which is a quicker, easier, and cheaper way of building software,” said MergeBase CEO Oscar van der Meer. “But those savings come with a cost, exposing organizations using these applications to data breaches.”
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.