“TEDCO recognizes the need to invest in developing cybersecurity products as new threats appear every day,” TEDCO president and executive director Rob Rosenbaum said in a release. “With the State’s support of CIF, TEDCO will be able to provide financial support, mentoring and technical assistance to a multitude of companies, making Maryland the hub of cybersecurity innovation.”
The $1 million fund provides up to $100,000 to ventures that advance cybersecurity technology toward commercialization. It’s the first fund of its kind in the state, officials say.
“Maryland is the epicenter of cybersecurity, home to unmatched federal resources, industry-leading companies and a growing community of dynamic and innovative startup companies,” Maryland Gov. Martin O’Malley said in a release. “TEDCO’s Cybersecurity Investment Fund will be an excellent addition to the outstanding array of resources we have dedicated to the information security industry.”
Applicants for the CIF funds must be for-profit companies with fewer than 16 employees, most of whom work in Maryland. Alternately, the company may be pre-revenue or may have raised less than $500,000 in equity investments from angels or institutional investors. The CIF funds are on a convertible note bearing 8 percent interest, according to TEDCO’s website.