Although the SEC document reflects none ‘sold,’ CEO Scott Schue says “We already have half this round round filled out,” while explaining a funding run starting last year led by Twin Cities Angels which netted (not $1.1m as reported) $700k in equity investment.
Conceived by Schue and partner Eric Ebner in 2015, the firm spent the first three years conducting R&D before going to market in 2018 and establishing an initial customer base.
Business-wise he says Protocol 46 now counts 25 paying customers, is a 40% product and 60% service model split, with about 15 full time employees. The purpose of the new capital is to invest into technology and marketing to further tip the scales towards their flagship product ‘Nimble Feather’.
The device is propriety hardware and software platform that helps clients obtain a concrete understanding of what their current vulnerabilities are, and in turn, for Protocol 46 to assist with the neutralization of threats. Schue says their typical customer sweetspot is non-technology oriented businesses with between 75-150 employees.
Just prior to starting Protocol 46, CEO Scott Schue was the Director of Intelligence and Security for the Minnesota Air and Army National Guard. His active-duty military career began with the Army in 1988, spanned various roles and missions, and eventually ended back with the Army in 2008.
His partner and CTO Eric Ebner spent 20 years with the United States Army and Army National guard with various technology, security, and UAV concerns throughout the years. The two met face-to-face while serving together in Iraq when Schue was tasked with finding ‘best in class’ cybersecurity / intelligence leadership. A relationship was spawned in one field that would play out years later in another under the Protocol 46 brand.
“We are on endless mission of service to protect the country,” Schue confirms.