COLUMBIA, Md. (Aug. 20, 2014) – The Maryland Technology Development Corporation (TEDCO) announced today that it has received State support for its Cybersecurity Investment Fund (CIF), the first dedicated cybersecurity fund in the State. CIF will support Maryland companies to develop and commercialize new cybersecurity products by providing investments of up to $100,000.
Funding from TEDCO’s CIF program will help companies achieve early technical milestones that are critical to advancing their cybersecurity technologies toward commercialization. Qualifying cybersecurity technologies include all of the processes and mechanisms by which any devices or software that are part of, or connected to, any digital network are protected from unintended or unauthorized access, vulnerabilities, attacks, use, change or destruction. Additionally, computer and critical infrastructure security includes protection from unplanned events and natural disasters. The advances a company achieves through CIF investments will lead to follow-on investment and job creation throughout the State.
“Maryland is the epicenter of cybersecurity, home to unmatched federal resources, industry-leading companies and a growing community of dynamic and innovative startup companies,” said Gov. Martin O’Malley. “TEDCO’s Cybersecurity Investment Fund will be an excellent addition to the outstanding array of resources we have dedicated to the information security industry. It’s also an important tool to help stimulate growth of promising young companies that are combating today’s cyber threats, creating new jobs and spurring growth in Maryland’s Innovation Economy.”
“According to the U.S. Chamber of Commerce, Maryland is ranked number one for entrepreneurial activity and innovation and continues to lead the nation in STEM employment concentration,” said Maryland House Speaker Michael E. Busch. “The Fund will provide critical seed and early-stage funding for local companies to meet the growing demand from the State’s elite cybersecurity industry.”
“TEDCO recognizes the need to invest in developing cybersecurity products as new threats appear every day,” said Rob Rosenbaum, president and executive director of TEDCO. “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.”