TEDCO, entrepreneurs to launch $20M cybersecurity fund in early 2013 - Technical.ly Baltimore

Dec. 11, 2012 8:30 am

TEDCO, entrepreneurs to launch $20M cybersecurity fund in early 2013

The cybersecurity industry, as Technically Baltimore has reported, has quite a foothold in Maryland and in the Baltimore region. In the greater Baltimore area, there are more than 13,000 cybersecurity jobs. Over the years, this state’s representatives in Congress have played a major role in diverting funding for cybersecurity projects to Maryland. U.S. Cyber Command […]

The cybersecurity industry, as Technically Baltimore has reported, has quite a foothold in Maryland and in the Baltimore region.

In the greater Baltimore area, there are more than 13,000 cybersecurity jobs. Over the years, this state’s representatives in Congress have played a major role in diverting funding for cybersecurity projects to Maryland. U.S. Cyber Command is located at Fort Meade. UMBC, with its Cyber Scholars program and new Cybersecurity Center, is positioning itself as the well from which cybersecurity companies can draw fresh employees.

Now the Maryland Technology Development Corporation is getting into the mix, announcing a $20 million cybersecurity fund it plans to launch early next year, according to the Baltimore Business Journal:

From the report:

The state-sponsored investment group plans to formally announce the cyber fund in January. [TEDCO president Rob] Rosenbaum declined to name the sponsors, whom he described as ‘a couple of young guys that built a fairly large cybersecurity company and sold it.’ The capital — assuming they are successful in raising it — would be used to invest in early-stage cyber startups, both those building products and those selling services, he said. [more]

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TEDCO will play the role of general partner in administering the $20 million fund, while a sponsor will take charge of raising the money for the cybersecurity fund.

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