ROCKVILLE, Md., June 17 -- Montgomery County 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 invested $300,000 in Mobile System 7 following the cybersecurity firm's move to Bethesda from Virginia. The MVF led the financing round and was joined by the Montgomery County Department of Economic Development (DED), which invested $100,000, and private investment groups. The MVF investment was made with funds raised by InvestMaryland, one of Governor Martin O'Malley's key economic development initiatives.
"We are proud to make this investment in Mobile System 7 and are excited to see them grow in Maryland, the epicenter of cybersecurity," said DBED Secretary Dominick Murray. "Through programs like the Maryland Venture Fund and InvestMaryland, we are providing critical support to young companies developing the technologies and products that keep us all safer, healthier and better connected than ever before. These startup, early stage and growth-stage firms are creating the family sustaining jobs of today and tomorrow."
"Montgomery County is proud to join with our partners at DBED to invest in a high-growth cybersecurity company like Mobile System 7," said Montgomery County Executive Isiah Leggett. "The County is in the midst of a cyber-sector boom, supported by initiatives like our local cybersecurity investment tax credit and annual CyberMontgomery conference, as well as key developments including the attraction of the National Cybersecurity Center of Excellence. Targeted investments in promising companies like Mobile System 7 only add to this momentum."
"We are excited to have a great partner like MVF that recognizes the value of data security to the enterprise. The proliferation of mobile devices and SaaS make enterprise data accessible, globally and around the clock. We ensure that only legitimate users have access to this data," said Mark McGovern, CEO of Mobile System 7. "With this investment, we will expand our team to support our growing customer base."
Mobile System 7 is an enterprise security company led by former Intelligence Community professionals. The company's product, Interlock, protects enterprise data from unauthorized access and malicious attacks. Most enterprise security solutions rely on securing the endpoint. In contrast, Interlock monitors what is important to the enterprise -- how individual users and devices access data. Interlock combines the power of data analytics and real time access controls to protect enterprise data.
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.
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.
The Montgomery County Department of Economic Development is charged with implementing the County's economic development vision of being a globally-competitive, highly-diversified and knowledge-based economy that provides for the retention and growth of existing companies, stimulates new job creation and enhances entrepreneurial opportunities for all businesses. The Department offers a broad range of programs, services, partnering opportunities and strategic financing incentives to stimulate and expand the County's business, job and tax base. To learn more, visit www.choosemontgomerymd.com.
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