Security startup accelerator MACH37 announced this week that it is now accepting applications for its Spring Cohort which starts in March.
MACH37 was launched in April with funding by the Commonwealth of Virginia, and formed key private partnerships to help launch new cyber technology companies in the state.
Unlike more general tech startup accelerators, MACH37 is focused on startups in the information security space in particular. It conducts two 90-day sessions per year, hosting 8-10 companies per session.
The deadline for applications is January 31, 2013, as the Spring Cohort kicks off on March 17, 2013.
“The application process is highly competitive,” Rick Gordan, MACH37 managing partner said. “Based on experience with the first cohort, companies should expect the process to be both highly rewarding and exacting. Starting a successful company isn’t easy. The program is here to provide the business and technical validation necessary to compete in today’s markets.”
Candidates must be building a “disruptive information security technology product” and be looking for rapid growth through venture capital. The idea candidates are teams of 2-4, and they must be in Virginia for the entire 90 day program, committing full-time to the venture.
Once accepted into the program, startups receive an initial company investment of $25,000 in exchange for a small amount of equity.
After a successful demo day presentation, the startups receive a second investment where the CIT GAP Fund will match up to $100,000 of outside investment for companies located in Virginia.
Following completion of the program, MACH37 companies benefit from ongoing access to network resources and support.
As cybersecurity becomes more of a priority for governments, there is more funding becoming available to companies in the space. Earlier this year, the National Science Foundation awarded $20 million in grants for cybersecurity research.