Cybersecurity startup Bandura Systems is looking to grow with new funding and an office in Columbia that will serve as one of two company headquarters.
The company announced Wednesday that it recently closed on $3.5 million in seed funding to ramp up sales and development of its technology, called a Threat Intelligence Gateway. The round was backed by East Coast investors including Blu Ventures, Gula Tech Adventures (the venture firm of former Tenable CEO Ron Gula) and TEDCO. From Missouri, Prosper Women Entrepreneurs , SixThirty and UMB Financial Corporation also participated.
The funding comes on the heels of the company’s hiring of CEO Chris Fedde. The former CEO of Belcamp-based SafeNet joined earlier this year as previous CEO and cofounder Suzanne Magee remained with the company. The startup also recently brought on Todd Weller as Chief Strategy Officer. He previously worked at Hexis Cyber Solutions, where Fedde was previously CEO.
With those moves, the company now has a business headquarters in Columbia, Md. A second HQ in Lake St. Louis, Mo., is home to the company’s development team.
The Threat Intelligence Gateway was developed by the company’s cofounders in part with the U.S. Department of Defense. The software tool compiles available information about potential cyber threats, which can number at 10 million, Fedde said. With that info, it can apply rules to defend a network and block known threats.
While threat intelligence companies that provide info have grown (Baltimore-founded Lookingglass is one company that specializes in the field), Fedde said Bandura’s product “takes all the power that is locked up in threat intelligence and puts it to work.” The fact that it is a software tool can make it available to small-and medium–sized businesses.
“At any one time there are more than 10 million known threats, but what hasn’t been available to small-and medium–sized network owners is, how do you use all of that threat intelligence,” he said.
Along with adding security capabilities, the software could also help reduce a business’ staff workload on cybersecurity efforts, Fedde said.
In the near term, Fedde said the company will be hiring in sales and marketing as it looks to grow the company’s client base. The company currently has a team of 25 people split between the two offices.