ANNAPOLIS, MD – Governor Martin O’Malley announced that Luminal, a cybersecurity startup that simplifies and secures cloud computing systems, has moved to Frederick from West Virginia and has been awarded a $600,000 investment from the State’s InvestMaryland program. Administered by the State’s Maryland Venture Fund (MVF), InvestMaryland is a public-private partnership of the State and venture capital firms and one of Governor O’Malley’s key economic development initiatives. InvestMaryland raised $84 million to reinvigorate the State-run MVF and support the growth of young Maryland companies in biotechnology, cybersecurity, e-commerce and other high-growth industries.
“Investing in young, high-tech companies is a critical piece of Maryland’s strategy to strengthen and expand our Innovation Economy, grow family-sustaining jobs, and support the development of technologies that keep us safer, healthier and better connected than ever before,” said Governor O’Malley. “We are proud to make this investment in Luminal and to have them in our state. Maryland is the epicenter of cybersecurity and we look forward to Luminal playing a significant and growing role in that community.”
“The current model for computing is broken, and bad actors are racing far ahead of available defenses,” said Josh Stella, CEO of Luminal and previously a principal solutions architect at Amazon Web Services. “We’re taking advantage of the nature of cloud computing to deliver native security, declarative control, and operational simplicity previously unattainable.”
Luminal is addressing deficiencies in traditional computing architectures that lead to security vulnerabilities and operational complexity. The company is working with early customers to further develop its solution, called “Fugue,” for general availability, initially on Amazon Web Services. Luminal will use the MVF investment, part of a $3.8 million fundraising round in which Core Capital Partners and New Enterprise Associates also participated, to grow its engineering staff to continue product development and expand its customer base.
Luminal’s move to Maryland has allowed the company to take advantage of other Maryland programs supporting cybersecurity companies. The company is one of the first in the State to apply for the Cybersecurity Investment Incentive Tax Credit, which kicked off earlier this year. Luminal was also recently named one of three cybersecurity finalists in the InvestMaryland Challenge, the State’s national business competition. The winners of more than $700,000 in prizes available through the Challenge will be announced in May.
Created by Governor O’Malley and passed by the General Assembly in 2011, InvestMaryland is the largest venture capital investment initiative in Maryland’s history. In March 2012, the State raised $84 million for the program through an online auction of tax credits to Maryland insurance companies. Two-thirds of the funding – $56 million – is being managed by carefully screened private venture firms that will invest the funds and, if successful, return 100% of the principal and 80% of the profits to the State’s general fund. The remaining third of the InvestMaryland capital is largely allocated to direct investments by the state-run Maryland Venture Fund.
The Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in highly innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
9 comments:
of course $100K of that goes to the O'Malley for President scam
so, we here on the shore paid to have a company come to MD (wonder how much taxes the will pay thru the year)
more crony capitalism. taxpayers still paying for everything, business needs to stand on its own, these politicians are breaking the system on purpose
pretty desperate to lure them away from WVa
High-sounding important words that actually mean nothing.
I wonder how big the 'incentive' package was that brought them here...?!
Considering all the companies that Marty and company are driving away from the Tax-State - I don't know why any would want to come here unless the environment was stripped of the onerous encumbrances!
I did not see how many jobs will be available for Marylanders? Is it 4 or 5, or 20?
This is great news. They will hire all the illegal aliens that O'Malley lets out of jail. They will have one bathroom for everybody and have a designated area to smoke a joint, as no tobacco products are allowed on the property. They will not pave their parking lot so they won't have to pay a rain tax. And, there will be priority hiring if you are gay or a transgender. Oh, and no guns allowed even if you are security guard for the Governor.
I don't know who omally thinks he's BSing. Read up on this "company." It's reminisce of Solydra and is just as fly by night. It's a start up company that wouldn't exist if not for the government "investing" in it. It's been awarded some other grant or something along those lines as well.
You will see. It will be out of business in no time but not until the principals get their bonuses.
Cybersecurity is a flippin' pipe dream. There is no such thing and there will never be any such thing, no matter how much money is thrown at it.
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