Baltimore Tech Startup Receives Massive Grant
BALTIMORE (WJZ) — A tech startup in Federal Hill is expanding.
As Mike Schuh reports, it leveraged a $100,000 state grant to receive a huge infusion of private funding.
At first glance, it looks like every other office: flourescent lights, a whiteboard and people at desks, staring at computers. Red Owl Analytics isn’t like every other company. It won a state competition for startup funding.
In real time, they monitor the financial and other electronic transactions made by businesses and people, looking for fraud.
“It’s an exciting journey for us and it’s not easy,” said CEO Guy Fillipelli.
But it is working and they are expanding.
“We’re very excited here at Red Owl to build the next great tech company,” he said.
The governor was happy to get back to an area he dubbed “Digital Harbor” 16 years ago when he was mayor.
It’s no Silicon Valley, but he says companies like Red Owl attract other tech companies. The state invested $100,000, but this company recently had an injection of $5 million in private funding.
“Congratulations on that. That makes your winning the Invest Maryland $100,000 money pale in comparison, but we were there first,” said Governor Martin O’Malley. “Which makes small things done well makes bigger things possible.”
Besides toasting their success, the governor used this company’s progress to remind us that Maryland is one of only 17 states to have recovered all the jobs lost by the recession.
Fillipelli feels that for Baltimore, the best is yet to come.
“The people, the culture, the location, the support from the local community and the state has been fantastic,” he said.
That company is now hiring and expects to add another 50 people. For more information, click here.
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