Angel Investors CIT, Goel Fund, and NextGen Angels Invest in Two Innovative Startups

September 2, 2015

5 Min Read


September 2, 2015 (HERNDON, Va.) – The MACH37™ Cyber Accelerator announced today that two of its Fall 2014 program graduates, Virgil Security, Inc., and Cyph, have received $1,025,000 in combined seed funding from angel investors. The new funding will allow both startups to continue developing their core cybersecurity technologies while expanding their go-to-market strategies and staff.

“MACH37’s mission is to help entrepreneurs with great ideas transform those concepts into successful companies that address real needs in the security market,” said Rick Gordon, Managing Partner of MACH37™. “We’re thrilled to see MACH37 companies like Virgil Security and Cyph get funded by angel investors who realize the value these companies bring to market with their disruptive security solutions.”

Based in Manassas, VA, Virgil Security, Inc. today announced it has closed $525,000 in seed round funding led by angel investors NextGen Angels, Inner Loop Capital, and Panther Angels. Virgil was co-founded by CEO Michael W. Wellman and CTO Dmitry Dain who are alumni of the Fall 2014 cohort of the MACH37 program. Virgil provides easy-to-deploy and easy-to-use cryptographic software libraries combined with a cloud-based public key management service for developers and end-users. Virgil Security enables a new generation of enhanced privacy and security for desktop, mobile, and web applications, cloud services, and the Internet of Things. More information can be found at or by following @VirgilSecurity on Twitter.

Headquartered in McLean, VA, Cyph announced today it has closed $500,000 in seed funding from angel investors CIT and Goel Fund. Cyph’s co-founder and CEO, Ryan Lester, and its co-founder and COO, Josh Boehm, also participated in MACH37’s Fall 2014 class. Cyph is an extremely secure, easy-to-use messaging solution for both consumers and enterprises, offering a broad feature set that includes file transfers, voice/video calling, and post-quantum end-to-end encryption. It's simple for businesses to integrate with their own products through the Cyph API and/or deploy internally — for which the Cyph team is currently seeking pilot customers. More information can be found at, and you can follow @cyph on Twitter for updates.

 “Going through the MACH37 program not only gave our team a solid foundation for building our business and product, but it also helped pave the way to announcing this seed round of funding today,” said Cyph CEO Ryan Lester. “In just one short year, we’ve accomplished a lot, and we’re looking forward to disrupting the secure communication market.”

“The MACH37 team and mentor network worked tirelessly through their rigorous program which has led to many positive developments this past year,” said Virgil Security CTO Dmitry Dain. “We encourage other cybersecurity entrepreneurs to apply to the MACH37 program. There’s simply no other program out there that offers this kind of learning while paving the way for future success in the cybersecurity market.”

About MACH37™

MACH37™ is the premier accelerator for information security entrepreneurs and startups. We go beyond the traditional model of typical business accelerators by bringing our innovators focused mentorship and support from our extensive network of visionaries, practitioners, and successful entrepreneurs in security. Our Spring and Fall sessions are designed to propel graduating companies into the marketplace, equipped with the skills to grow and compete for funding and market share. MACH37™ was launched in 2013 by the Center for Innovative Technology, in Herndon, Virginia. To learn more, please visit and follow @MACH37cyber on Twitter.

About the Center for Innovative Technology

Since 1985, CIT, a nonprofit corporation, has been Virginia’s primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT’s CAGE Code is 1UP71. To learn more, please visit Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.

About the CIT GAP Funds

CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources

About Goel Fund

Goel Fund focuses on making seed-stage equity investments in companies that have extraordinary rapid-growth potential with an innovative, defensible, and scalable product.  Goel Fund is committed to dedicating one-third of its realized gains to philanthropic endeavors.

About Inner Loop Capital

Inner Loop Capital makes seed-stage investments in Cyber Security companies.  Inner Loop Capital is committed to providing the capital and expertise to build the D.C.-area Cyber Corridor into a premier innovation hub for Cyber Security. Justin Label is Inner Loop's principal investor. Over ten years at Bessemer Venture Partners in Silicon Valley, Justin helped to invest in and manage eleven cyber security companies including Postini (acq. Google), Cyota (acq. RSA) and Tripwire.

About NextGen Angels

NextGen Angels is an early-stage venture partner for exceptional entrepreneurs. Their network of young startup investors are leaders in the entrepreneurial community who use their collective skills and connections to support the growth of their portfolio companies. NextGen has operations in NYC, DC, Boston, Chicago, and Austin, with the goal of becoming one of the most active and connected investors in the world. For more information, visit

About Panther Angels

Panther Angels <> is a leading early stage investment fund focused on high growth technology businesses in the mid-Atlantic.  Panther's investment strategy focuses on identifying great entrepreneurs and assisting them in achieving their vision.  Panther is led by entrepreneurs Josh Goldberg and Vadim Polikov.

Media Contact:

Michelle Schafer

Merritt Group


[email protected]


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