Ann Arbor SPARK has announced a $150,000 investment in B2B cybersecurity company Security Snares as part of its $500,000 pre-seed funding round.
The investment is the first of many from the Michigan Innovate Capital Fund (MICF) program’s $5 million allocation to SPARK, which will be deployed over two-and-a-half years.
The MICF program is designed to bolster technological innovation and growth within Michigan. It has recognized Ann Arbor SPARK for its commitment to co-investing at least $1.5 million alongside the fund into tech-focused companies.
Security Snares specializes in advanced software sensors that effectively identify and neutralize security incidents or active threats, particularly from ransomware attacks.
The Ann Arbor-based company’s flagship product, RansomSnare, is ingeniously designed to detect and mitigate encryption at the endpoint, providing a robust defense against ransomware.
SPARK officials said the company prides itself on the ease of installation, minimal server and computing resource usage, offline functionality, and seamless integration with existing technology setups.
“Our investment in Security Snares not only highlights the incredible potential of Michigan’s tech sector but also marks the beginning of an exciting journey fueled by the MICF program. We are eager to see Security Snares grow and succeed, demonstrating the critical importance of cybersecurity solutions in today’s digital age,” said Mike Flanagan, Ann Arbor SPARK vice president of Capital Programs.
Multiple angel investors, also beneficiaries of the MICF program, are joining Ann Arbor SPARK in the investment. These include the Michigan Rise and ID Ventures.
This collaborative effort underscores a shared commitment to fostering innovation and supporting the growth of high-potential technology startups in Michigan.
SPARK is actively seeking other pre-seed companies to engage with, aiming to replicate the success of this investment by leveraging the MICF program’s resources. The organization is committed to driving innovation, supporting startups, and contributing to the economic growth of Michigan through strategic investments.
“We are thrilled to partner with Ann Arbor SPARK and grateful for the confidence placed in our vision and technology. This investment not only accelerates our growth but also strengthens our mission to safeguard businesses and critical infrastructure from the disruptions caused by malware, such as ransomware and wipers.”
Security Snares CEO Wes Huffstutter
With this investment, Ann Arbor SPARK sets a precedent for future MICF program allocations, spotlighting the immense potential of Michigan’s technology sector and the critical role of strategic investments in nurturing innovation and growth.
Learn more about Ann Arbor SPARK at 734-761-9317 or www.AnnArborUSA.org.