Startup Salem Cyber pulls in $550,000

WINSTON-SALEM – Cybersecurity startup Salem Cyber has raised an additional $435,000 in capital, according to a recent securities filing.

According to the filing, the minimum acceptable investment from any investor was $5,000, and there were 24 investors who joined in the equity funding round.

But the firm also disclosed that it would raise a total of $550,000 in this round, adding a note in the filing that states that the “remaining to be sold is already fully committed, and the respective agreements are expected to be signed in the coming days.”

The filing is dated February 8, 2023, and is signed by the firm’s COO, Trevor Gingras.

It’s the second round of funding for the Winston-Salem-based startup in less than 12months. The firm closed a $250,000 seed funding round in May 2022 and was profiled by WRAL TechWire shortly thereafter. Salem provides a product that company co-founder and CEO Jon Bagg described as an AI cybersecurity analyst in a conversation with WRAL TechWire in May 2022.

“It’s designed to do a job similar to a cybersecurity analyst, not to replace people, but to empower people,” said Bagg at the time. “There’s too much noise in the system, so what we’re trying to do is give organizations a way to prioritize the areas of threat.”

The company website currently lists two full-time roles and three internships available.

Bagg did not respond to multiple inquiries from WRAL TechWire to comment on the latest funding round.