These 5 Anne Arundel County cybersecurity companies got 'Next Stage' funding - Technical.ly Baltimore

Business

Mar. 28, 2018 12:35 pm

These 5 Anne Arundel County cybersecurity companies got ‘Next Stage’ funding

The loans from the Anne Arundel Economic Development Corporation are designed to help firms who are beyond the earliest stages but are in need of capital to scale.

Fort Meade (and Anne Arundel County) from above.

(Photo by Wikimedia Commons user Ken Lund, used under Creative Commons license)

A handful of cybersecurity companies received funding from the Anne Arundel County Economic Development Corporation through a program looking to support businesses looking to scale.

AAEDC launched the Next Stage Fund last year with $1 million committed. More than half of that total has now been awarded to companies. It was part of a broader program to support early-stage companies called the Defense Tech Toolbox that debuted following the closure of the County’s incubator. The presence of Fort Meade is a major contributor to the area’s concentration of cyber companies, making it an area of focus for economic development efforts.

“We created this program to assist companies at the mezzanine stage of growth; a business that has launched and invested in themselves in the early stage and has had initial success but needs support to scale up,” said Julie Massog, CEO of AAEDC, in a statement.

The funding comes in the form of zero-percent loans, ranging from $50,000-$250,000. The Toolbox program also offers workforce training, links to business experts and travel awards.

Here’s who received funding:

Penacity, a Pasadena-based company focusing on threat analysis and penetration testing, received $50,000.

Applied Information Technology, an Annapolis Junction–based firm founded by Gwen Greene specializing in network and information security. The $50,000 loan will assist with bringing on additional team members.

Netrias, an Annapolis-based company supporting projects at DARPA that apply machine learning to cyber and life sciences, received $150,000.

Xona Systems, an Annapolis-based company that provides a secure way to access control systems for critical infrastructure remotely. Run by former FireEye business development lead Bill Moore, the company is looking to use the $50,000 to continue developing its product ahead of a wider marketing effort.

XentIT, a Crofton-based cyber firm specializing in managed cybersecurity services and compliance, received $250,000.

Advertisement

-30-
LEAVE A COMMENT

Advertisement

Johns Hopkins spinout Neuraly launches with $36M funding round

Tenable seeks to raise $166M in IPO

Meet the Columbia-based Y Combinator alums looking to make ecommerce simple

SPONSORED

Baltimore

Win up to $360,000 for your startup at the WeWork Creator Awards

Baltimore

Terbium Labs

Terbium Labs | IT Specialist

Apply Now
Philadelphia, PA (or surrounding areas)

Technically Media

Events Coordinator

Apply Now
Philadelphia or Baltimore Area

Enigma Technologies

Director, Data Acquisition & Strategy

Apply Now

Workbench is growing a partnership with Baltimore city schools

Maryland companies raised $247M in venture funding during the second quarter of 2018

Federal funding powers development of waste-to-energy technology for poultry farmers

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Philadelphia, PA OR Remote

Stitch, Inc.

Director, Alliances

Apply Now
Baltimore, MD 21201

14 West

Software Trainer

Apply Now
Baltimore, MD 21201

14 West

Technical Course Specialist

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!