Cyber Firm Luminal Tapped for Follow-on Investment from InvestMaryland
(Targeted News Service Via Acquire Media NewsEdge) ANNAPOLIS, Md., Aug. 14 -- Gov. Martin O'Malley, D-Md., issued the following news release:
The Maryland Venture Fund (MVF), the equity investment arm of the Maryland Department of Business and Economic Development (DBED), has made an follow-on investment of nearly $451,000 in Luminal, Inc., a cybersecurity firm that relocated to Maryland earlier this year from West Virginia. The MVF investment is part of a $10 million funding round led by New Enterprise Associates, a leading global venture capital firm, and was made with funds raised by InvestMaryland, a key initiative of Governor Martin O'Malley designed to spur growth and development of small, high-tech companies in Maryland.
"Luminal's unique and innovative architecture promises to revolutionize security in the cloud and minimize advanced, persistent threats to our personal information and vital infrastructure. This important investment from local and global investors is a testament to the company's potential and promise," said Governor O'Malley. "Every day brings with it another reminder of the absolute necessity of robust and dynamic cybersecurity solutions. We are proud to have Luminal in Maryland as they conduct this essential work and develop market-leading products to secure the cloud."
Over the last year, the MVF has invested $600,000 in the company as part of a multifaceted strategy to support growth and job creation in young, innovative Maryland companies. Luminal also took home a $100,000 prize from the Fund as the winner of the cybersecurity category in the InvestMaryland Challenge, Maryland's national business competition, and was the first company to take advantage of Maryland's innovative Cybersecurity Investment Incentive Tax Credit.
"This investment led by NEA will allow us to grow our team and expand our beta customer base in advance of general availability of our product," said Josh Stella, founder and CEO of Luminal. "We're building solutions from first principles to tackle hard problems in computing, and the strong support we've received from NEA, Core Capital, Maryland Venture Fund, and our other investors helps make that possible."
Luminal is a cybersecurity startup that simplifies and secures cloud computing systems. It addresses 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 for general availability, initially on Amazon Web Services. Luminal's move to Maryland has allowed the company to take advantage of other Maryland programs supporting cybersecurity companies.
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 like Core Capital 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.
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