On Tuesday, Bricata Inc. announced it had obtained $8 million in venture capital funding from growth equity firm, Edison Partners.
Bricata, a Columbia-based cyber security startup, designs and develops software with network intrusion hunting capabilities that utilize artificial intelligence and machine learning technologies. The firm expects to utilize the funding for research, development and marketing.
“To date, our ability to develop and commercialize a product that is solving real and urgent cybersecurity problems at scale has been largely self-funded, but this injection of capital will mark a sizable turning point for the company,” Bricata co-founder and CEO John Trauth said in a statement. “Edison Partners is helping to accelerate Bricata’s business plan. This will help more organization stay ahead of cyber threats as part of a proactive and layered security posture.”Bricata participated in the InvestMaryland challenge and came out on top, winning a $100,000 grant from the Maryland Department of Business and Economic Development. In 2016, the Howard County Economic Development Authority loaned the company $250,000. The loan was part of a deal to move Bricata to Maryland.
Bricata currently works with large corporations and plans to expand into Europe as early as next year. The firm also sees opportunity in the Middle East and Asia, Trauth said. As the company expands its sales, engineering and marketing efforts, it will increase its workforce from 20 to 48 by the end of the year.