Maryland Invests $600K in Cyber Security With Cloud Security Startup Luminal.
Cybersecurity startup Luminal has recently moved their headquarters to Maryland, with plans on expansion, thanks in part to a State investment, by Governor Martin O’ Mally, announced Monday.
The Invest Maryland Program has become on of the Governer O’ Malley main features for economic development initiatives administered by the State’s Maryland Venture Fund, has awarded Luminal $600,000 investment.
The company was previously based within West Virginia, Luminal had recently decided to move to Fredrick, Maryland. The company’s flagship product is called Fugue, which allows for control and security for cloud computing. The investment will contribute to Luminal’s efforts to raise a financial round of $3.8 million in order to increase its engineering staff, continue product development and expand its customer base.
“The current model for computing is broken, and bad actors are racing far ahead of available defenses,” Josh Stella, CEO of Luminal and previously a principal solutions architect at Amazon Web Services, said in a statement. “We’re taking advantage of the nature of cloud computing to deliver native security, declarative control, and operational simplicity previously unattainable.”
Moving to Maryland.
With its recent move towards Maryland, Luminal has become one of the first companies in the State to apply for the Cybersecurity Investment Incentive Tax Credit. It has also recently been named one of the top three finalist in the cyber security category of the Investment Maryland Challenge, and early-stage business competition offering over $100,000 grand prize grant and a host of other awards and business services. The winner shall be announced sometime during May.
Governor O’Malley commented that he welcomes Luminal to Maryland’s growing cybersecurity community.
“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,” Governor O’Malley said in a statement. “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.”