MACH37, a cybersecurity incubator launched in 2013, made a step toward financial independence from Virginia state funding by announcing yesterday that General Dynamics Mission Systems would be its first platinum sponsor. The amount of the check, which will cover multiple years, is publicly unknown, at General Dynamics’ request, but MACH37 executive director Rick Gordon (front, right) says it’s “significant and sustained.” The state is still committed to the program and provided its third year of funding at $2M.
Rick, speaking to us before Gov. Terry McAuliffe announced the sponsorship at MACH37’s HQ at the Center for Innovative Technology, says the funding will allow the cybersecurity incubator to expand deal flow. Prospects can now come from more geographically diverse areas like national labs and university R&D programs. It's also an opportunity for MACH37 startups to get into the federal space more easily with General Dynamics as a contracting partner. Rick says he’s also close to finalizing multiple sponsors, who will be complementary to General Dynamics.
Rick says each cohort of companies that goes through MACH37’s 90-day program will stay at around seven for now. As Rick says, “building these companies is not a spectator sport. We aren’t limited by quality of deal flow; we’re limited by partner bandwidth.” Applications come from all over the world, a good number of them with rich security intelligence expertise. So far the program has launched 29 companies within 26 months, with nearly 70% of them being able to raise follow-on funding.
