Governor Bob McDonnell announced today the creation of MACH37, America's premier market-centric cyber security accelerator to be located at the Center for Innovative Technology. Initially funded by the Commonwealth of Virginia, the accelerator will leverage private investments to launch new, high growth cyber technology companies in Virginia.
Speaking about today's announcement, Governor McDonnell said, "Cyber security must remain at the top of our nation's priorities to ensure our national defense and protect economic infrastructure. This accelerator is a natural complement to the Commonwealth's vast advanced technical and engineering resources focused on operating the most sophisticated electronic networks in the world."
The MACH37 Cyber Accelerator was designed to model successful practices deployed in existing accelerators, such as the Y Combinator, TechStars and 500 Startups, but with a concentrated focus on cyber security startup companies. MACH37 establishes a highly integrated network of hundreds of cyber security experts to support the earliest stages of company development.
The new accelerator will annually conduct two 90-day sessions, hosting 8-10 companies per session. Participating companies will be guided through a company development process supported by key cyber security professionals, investors and technologists. At the completion of the session, companies will make presentations to professional investors at the MACH37 Demo Day. Accelerator participants will receive an initial company investment upon acceptance and a second investment after a successful Demo Day presentation.
Jim Duffey, Virginia's Secretary of Technology, said, "The active ingredient that enables the accelerator to reduce startup development time is CIT's sophisticated network of cyber experts, technologists and investors that will be integrated with entrepreneurs from the start of the 90-day session and throughout their early years of company formation."
"Cyber security is widely recognized by policymakers and industry leaders as crucial to safeguarding our national security and protecting the nation's economy. MACH37 will foster Virginia's global leadership in cyber security by cultivating and accelerating the development of innovative technology solutions that can be deployed in new and existing client markets," said Bobbie Kilberg, President and CEO of the Northern Virginia Technology Council (NVTC). "NVTC is excited to support MACH37, which will be an important component of the growing cyber security sector in the Commonwealth."
"Cyber security presents a significant company creation opportunity and remains at the top of NEA's list of targeted investments," said Harry Weller, General Partner at New Enterprise Associates. "The MACH37 Cyber Accelerator delivers a pipeline opportunity for investors focusing on high growth cyber security portfolio development opportunity. We are looking forward to the first MACH37 session."
The MACH37 Cyber Accelerator will be open to accept applications in early June 2013, with the first session to be held in September 2013. Additional information regarding the session and accelerator will be available at http://www.mach37.com/.
David Lucien, CIT Chairman said, "The accelerator would not have been possible without the leadership of Governor McDonnell, Virginia House Speaker Bill Howell, Delegate Tag Greason, Senator Ryan McDougle and the support of NVTC, specifically Bobbie Kilberg and Josh Levi. We are grateful for the tremendous support provided by a number of cyber industry organizations who supported its development. Their advice and participation will be integral to the success of the first market centric accelerator."
The CIT Board of Directors would like to acknowledge the guidance and advice of members of the following organizations for their contributions to the design and creation of the MACH37 Cyber Accelerator:
42Six.com, Air Force Office of Scientific Research, Air Force Research Laboratory, AOL Inc., Appian, Applicology Incorporated, APX, Araxid, Areva, Army Research Lab, Axon Connected, BlueDelta, Buchanan Ingersoll, Capital One, Capital Partners, Centrifuge Systems, Charlottesville Business Innovation Council, CIA Office of CIO, Click Facts, Concursive, Cypherpath, Cyracle, Davis Carter Scott Ltd., DCL Associates, Department of Defense Office of CIO, Department of Homeland Security, Department of Navy Office of CIO, Dominion Resources, enkidu7, Financial Services Roundtable/BIT, Fredericksburg Technology Council, GCR Incorporated, General Dynamics, George Mason University Center for Secure Information Systems, George Washington University, Grotech Ventures, Hampton Roads Technology Council, Harbert Venture Partners, Hook Mobile, Hot Technologies Holdings, Innovative Solutions Consortium, Innovative Wireless Technologies, In-Q-Tel, Institute for Advanced Learning and Research, Intelligence and Security Academy, Interconcepts Incorporated, Invincea, James Madison University, Kaprica Security, Kick Labs, Kipps DeSanto, Lockheed Martin Corporation, McAfee, MITA Group, Mobile System 7, National Institute of Standards and Technology, National Science Foundation, Naval Research Lab, NeoSystems, NetWitness, New Enterprise Associates, Noblis, Norfolk State University, Northern Virginia Technology Council, Northrop Grumman, Office of Naval Research, Opus8, Pacific Northwest National Laboratory, Potomac Institute for Policy Studies, Razor's Edge Ventures, Reed Smith LLP, Region 2000 Technology Council, RichTech, Roanoke Blacksburg Technology Council, Runway, SAIC, Salient Federal, Shenandoah Valley Technology Council, Sonatype, Southern Piedmont Technology Council, Southwest Virginia Technology Council, Springboard, SRA International, SRI International, STG, StoneHedge Global Partners, Tech Pad, Telos, The Beck Foundation, The Hume Center for National Security and Technology, University of Virginia, Valhalla Partners, Verisign, Verizon Wireless, Virginia Chamber, Virginia Commonwealth University, Virginia Information Technology Agency, Virginia Tech, Vital Strategies, Wade Associates, Welz & Weisel Communications, World Tech International, WSO2 Inc.