These 3 companies just got funding from Anne Arundel's VOLT fund - Technical.ly Baltimore

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Mar. 14, 2017 9:03 am

These 3 companies just got funding from Anne Arundel’s VOLT fund

CourseArc, PeerAspect and SecuLore Solutions got a total of $700,000.

CourseArc cofounders Katie Egan (left) and Bethany Meyer.

(Courtesy photo)

The Anne Arundel County Economic Development Corporation doled out a total of $700,000 to startups from a tech fund it administers.

AACEDC distributes tech loans through an allotment from the state’s VOLT fund, which is supported by 1.5 percent of the revenue collected from video lottery terminals at Maryland casinos.

In terms of what stage they seek to fund, a rough shorthand for Maryland startups is post-TEDCO, but pre-Series A.

Here are the three companies chosen to receive funding from 52 applicants:

CourseArc

PeerAspect 

  • A Baltimore-based ETC graduate company that’s helping companies manage supply chain data. CEO Scott Kaufman said the funding “will be a bridge from the seed-level capital we’ve raised so far to the proper A-round we intend to raise later this year.” ($250,000)

SecuLore Solutions

  • A Chesapeake Innovation Center-based cybersecurity company focused on protecting 911 call centers. CEO Timothy Lorello said the funding will help the company expand offerings for its platform, Paladin. ($250,000)

The no-interest loans don’t have to be paid until a startup receives money from institutional investors that is four times the amount of the original fund, or exits.

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Stephen Babcock

Stephen Babcock is the lead reporter for Technical.ly Baltimore. A graduate of Northeastern University, he moved to Baltimore following a stint in New Orleans, where he served as managing editor of online news and culture publication NOLA Defender. While there, he also wrote for NOLA.com/The Times-Picayune. He was previously a reporter for the Rio Grande Sun of Northern New Mexico.

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