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Cybersecurity startup moves to Maryland

A new startup is now calling Maryland its home after the Maryland Venture Fund's InvestMaryland program invested $600,000 in the cybersecurity company Luminal. According to an announcement on April 21 from Gov. Martin O'Malley, Luminal's headquarters is now located in Frederick and is planning on using the money to expand.

The company is also one of the first in Maryland to submit an application for the Cybersecurity Investment Incentive Tax Credit. The $600,000 is part of an overall $3.8 million fundraising effort by the company to grow its customer base, continue to develop products and increase its engineering staff.

Luminal is best known for Fugue, its product that focuses on security and control in the cloud computing industry. It was also a top-three finalist in the InvestMaryland Challenge in the cybersecurity category. The company's chief executive officer worked at Amazon Web Services in a principal solutions architect possession before moving to Luminal and released a statement saying the company will be focused on bringing control, security and operational simplicity to the ever-increasing cloud computing world.

In Gov. O'Malley's statement, he talked about how important it is for the state to support the developing technologies and invest in these types of companies for the overall well-being of the community. New companies coming to or being formed in an area is almost always a good thing, but Business formation can also be a sometimes tedious process. For those considering a startup or expanding an already present business, understanding the ins and out of the process and getting organizational advice from someone familiar with the process is an important first step.

Source: MDBizNews, "Maryland invests $600K in cybersecurity startup Luminal" Emily Kimball Pope, Apr. 21, 2014

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