The nonprofit Center for Innovative Technology has launched a public-private cybersecurity program for Virginia businesses to receive an initial investment and make presentations to professional investors.
The MACH37 Cyber Accelerator is targeted to cyber startups and will comprise of two 90-day sessions per year, Gov. Bob McDonnell’s office said Sept. 12.
CIT has received $2.5 million in state funds to launch and manage the program.
“As part of our economic development agenda, we are working to bring greater investment into the rapidly growing technology industries such as cybersecurity, as well as encourage companies and investors to look to Virginia, ” McDonnell said.
“This program works by leveraging our resources to accelerate new ideas and products that launch new cybersecurity companies in Virginia, ” he added.
Initial participants in Mach37 include:
- Key Cybersecurity
- Pierce Global Threat Intelligence
Companies accept an investment from the CIT GAP Fund upon entry into the program and businesses whose proposals are accepted by investors will receive additional funding.
“This sophisticated network of cyber experts, technologists and investors is crucial to the accelerator’s ability to reduce startup development time, ” Virginia Technology Secretary Jim Duffey said.