Baltimore cyber security firm RedOwl Analytics plans to double its workforce to 50 people within the next few years as it tries to make Federal Hill Maryland's new technology hub, company CEO Guy Filippelli said Tuesday.
Hot off securing $4.6 million during its first round of venture fundraising last month, RedOwl has also won praise from Gov. Martin O'Malley, who stopped by the company's Light Street headquarters to celebrate the start-up's success.
O'Malley called the company an example of the "a growing ecosystem of innovation" in Maryland. It's an ecosystem O'Malley's administration has put millions of taxpayer funds behind through a variety of tax credits. RedOwl won a $100,000 prize from his administration earlier this year.
The company detects and investigates potential fraud for clients by monitoring and analyzing a wide array of employee data — phone records, emails, stock purchases and more — in real time.
Filippelli said Baltimore is a great place to hire cyber workers for a start-up. Not only is the shrinking federal government unleashing a stream of qualified talent looking for a private industry job, the city is logistically well positioned to travel to other major East Coast cities.
O'Malley used the occasion to highlight one of his 16 strategic goals for Maryland that include recovering jobs lost during the economic recession.