FULTON, MD, August 16, 2023 — Today, DataTribe, a global cyber foundry specializing in investing in and co-building next-generation cybersecurity and data science companies, announced the opening of applications for the 2023 Cybersecurity Startup Challenge. With a deadline of September 23rd, this competition seeks to identify pre-series A technology startups with a disruptive vision within the cybersecurity and data science industries.
The Cybersecurity Startup Challenge offers a total prize money of $20,000, which will be split among the three finalists. Additionally, the winning startup will be eligible to receive up to $2 million in seed capital from DataTribe. Over the past five years, DataTribe has made seed investments in six Challenge winners, leading to significant growth and success in the cybersecurity startup ecosystem. For example, last year’s winner, BalanceTheory, secured a $3 million funding round in December 2022. Similarly, the 2019 Challenge winner, Code Dx, was acquired by Synopsys in 2021.
John Funge, managing director of DataTribe, expressed his excitement about the impact the Cybersecurity Startup Challenge has had on the development of innovative cyber startups over the years. “The DataTribe Challenge has helped to accelerate the development of several innovative cyber startups,” said Funge. “We are looking for visionary entrepreneurs who are passionate about leveraging their expertise in offensive cyber and over-the-horizon technologies to build the next generation of cyber defenses.”
What sets the Challenge apart from other pitch competitions is its founder-friendly approach. Unlike many other competitions, founders who participate in the DataTribe Challenge receive the opportunity to secure a significant seed investment. This unique approach delivers immense value to founders and leads to applications of the highest quality, establishing the Challenge as one of the most prestigious cybersecurity startup competitions globally. Mike Janke, Co-founder of DataTribe, emphasized the benefits this founder-focused approach provides. “We believe this approach provides tremendous value to founders, leads to applicants of the highest quality, and is a big reason why the Challenge has grown to be one of the premier cybersecurity startup competitions in the world.”
DataTribe is inviting contestants who have developed a robust concept and/or initiated the development of a minimum viable product to apply to the Cybersecurity Startup Challenge. The competition welcomes founders with diverse cybersecurity backgrounds, including those from national security, defense, national laboratories, organizations specializing in cybersecurity and data science R&D, as well as commercial firms.
The selection process for the Challenge involves a comprehensive review of submissions, evaluating the technical merit, market potential, and team readiness of each startup. On October 12, 2023, DataTribe will announce up to three finalists, who will then have two weeks to refine their pitch and prepare for final judging, with the assistance of DataTribe’s team of startup veterans. The finalists will present their pitches and answer questions from judges during a live event scheduled for November 2, 2023.
Reflecting on their experience as winners of the 2022 DataTribe Challenge, Greg Baker, CEO and Co-Founder of Balance Theory, spoke highly of DataTribe’s unique approach. “Winning the 2022 DataTribe Challenge was a significant step forward for us,” said Baker. “DataTribe’s approach to co-building with us has proven to be huge. Between the resources, expertise, and network, we have gotten so much more out of the relationship than just capital. DataTribe is way more than just an investor.”
To apply for the 2023 DataTribe Challenge, interested startups can visit the official website at https://datatribe.com/challenge.
About DataTribe:
DataTribe is a startup foundry specializing in investing in and co-building world-class startups that focus on generational leaps in cybersecurity and data science. Founded by leading investors, startup veterans, and alumni of the U.S. intelligence community, DataTribe provides capital, in-kind services, access to an unparalleled network, and decades of professional expertise to give their companies an unfair advantage. Headquartered in the Washington-Baltimore metro area, in Fulton, Maryland, DataTribe continues to fuel innovation and growth in the cybersecurity industry. For more information, visit https://datatribe.com.