Two high-growth Maryland companies found so much success through the Maryland Department of Business and Economic Development (DBED)’s Maryland Venture Fund (MVF), they have qualified for another round of follow-on InvestMaryland funding, Governor Martin O’Malley and DBED announced Tuesday.
KoolSpan, which develops hardware-based mobile security encryption, earned $400,000, while BrainScope, which is revolutionizing traumatic brain injury assessment, received $300,000 in funding from the State.
According to KoolSpan CEO Gregg Smith, rapid growth in consumer demand is driving his company to more than double its workforce. The company caters to companies and government agencies looking to protect data and voice communications against theft over network-connected devices. It’s TrustChip product can be found in more than 50 countries and powers Samsung’s S1 mobile and voice security and also AT&T’s encryption platform. KoolSpan has earned a total of $700,000 in MVF funding.
“This investment from MVF is a testament to the growth that we are experiencing globally in the mobile security market, and the demand for mobile hardware security solutions from an increasingly large pool of customers seeking the best data protection available,” Smith said. “We grew over 1000 percent last year and expect to continue on an accelerated growth path, moving from our current 45 employees to around 100 by year end. To put that number in perspective, just two years ago we had 8 employees.”