Monarx, a Salt Lake City, UT-based cybersecurity startup that protects open source web systems, closed a $3.4M seed funding round.
The round was led by Pelion Ventures, with participation from Kickstart Seed Fund. In conjunction with the funding, Pelion Partner Carl Ledbetter joined the Monarx’ Board.
The company intends to use the funds to continue to expand operations.
Led by Matt Hoffman, CEO, and Brian Karney, Monarx prevents the execution of malicious scripts that are inserted into vulnerable websites. These files, often referred to as web shells or backdoors, create a command and control platform inside a server. Hackers can use backdoors to gain full control of a server, steal valuable data, host phishing pages, attack other sites, send SPAM, participate in botnets, and even mine cryptocurrency by stealing the resources of infected hosts.
The company intends to target the Open Source market with its first products.