Ann Arbor SPARK announces a pivotal $150,000 investment in Security Snares, a trailblazing B2B cybersecurity company, as part of its $500,000 pre-seed funding round. This investment marks the first of many from the Michigan Innovate Capital Fund (MICF) program’s $5 million allocation to SPARK, which will be deployed over a 2.5-year period. The MICF program, designed to bolster technological innovation and growth within Michigan, 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, specializing in advanced software sensors that effectively identify and neutralize security incidents or active threats, particularly from ransomware attacks, stands at the forefront of cybersecurity innovation. Their flagship product, RansomSnare, is ingeniously designed to detect and mitigate encryption at the endpoint, providing a robust defense against ransomware. The company prides itself on the ease of installation, minimal server and computing resource usage, offline functionality, and seamless integration with existing technology setups, including older endpoints and operational technologies, as well as with SIEM and Security Orchestration, Automation, and Response (SOAR) products.
Joining Ann Arbor SPARK in this investment round are multiple angel investors, including Michigan Rise and ID Ventures, which are also beneficiaries of the MICF program. This collaborative effort underscores a shared commitment to fostering innovation and supporting the growth of high-potential technology startups in Michigan.
Mike Flanagan, vice president of Capital Programs at Ann Arbor SPARK, expressed enthusiasm about the investment, stating, “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.”
Ann Arbor 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.
Security Snares’ CEO, Wes Huffstutter, in response to the investment, shared, “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.”
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.
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ABOUT SECURITY SNARES
Security Snares is a leading B2B cybersecurity company specializing in the development of software sensors designed to detect and neutralize security incidents or active threats, with a particular focus on combating ransomware attacks. Their innovative approach to cybersecurity emphasizes ease of installation, efficiency, and seamless integration with existing technology infrastructures.
