Cybersecurity: The New Class
AlphaTech’s second class kicked off last month with 17 CEOs trying to develop the next big thing in cybersecurity and data analytics. The program hand selects entrepreneurs to spend eight months being mentored. One year in, AlphaTech has seen several companies from its first class raise venture funding, get acquired or grow head count, says Morrison & Foerster biz dev manager and AlphaTech board member Andy Stief. The program is focused on cybersecurity and data analytics and collaborates with MACH37, a state-funded cybersecurity incubator, and is talking to DC’s 1776 about a partnership.
AlphaTech companies need to be privately held, based in the Mid-Atlantic, and generating annual revenue of $1M to $50M. Most have come from recommendations from board members. The first class’ success stories include: nPulse Technologies getting acquired by FireEye; SecureForce getting acquired by BRTRC; InfoZen winning a three-year, $12M contract with US Citizenship and Immigration Services; and Invicea’s research division winning $8.1M in new contracts. The program, funded by the organizing board (Morrison Foerster, Ernst & Young, Chertoff Group and W2 Communications), is free. Haystax Technology CTO Bryan Ware, whose company participated in the first class, says the DC region is becoming a cybersecurity hub with talent coming out of bigger companies to form startups.