The Maryland Technology Development Corporation (TEDCO) recently announced it received funding from the state to support its new Cybersecurity Investment Fund (CIF). The fund is the first of its type in Maryland and will provide investments of up to $100,000 to assist businesses to develop and commercialize new cybersecurity products.

The close proximity to federal agencies, and the state’s commitment to grow the industry, brands Maryland the epicenter of cybersecurity. According to the TEDCO website, the following cybersecurity technologies qualify for the investment: 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.

Businesses interested in CIF must meet the eligibly requirements of being a Maryland for-profit company and have fewer than 16 employees. The company is pre-revenue or has received less than an aggregate of $500,000 in equity investments from sophisticated investors.

To learn more about TEDCO and CIF please visit tedco.md.