Palo Alto Networks to form $20m security venture fund
The fund will aim at companies with a cloud-based application approach
Palo Alto Networks is forming a $20m security venture fund.
The fund will provide early stage capital investments to fuel development of innovative security applications for the Palo Alto Networks' security platform.
The fund will aim at seed-, early- and growth-stage security companies with a cloud-based application approach. These companies can accelerate their routes to market for their respective technology by developing cloud-based applications built upon the Palo Alto Networks platform and the new Palo Alto Networks application framework.
Chad Kinzelberg, senior vice president, Business and Corporate Development, Palo Alto Networks, said: "This new fund will build upon our reputation for developing innovative, next-generation security technologies and demonstrate the excellent momentum that we have achieved with our ecosystem of security partners. It represents an essential part of our mission to help organisations prevent cyber breaches by inspiring and accelerating a groundswell of security innovation in a model that can be easily accessed and deployed by customer organisations."
Asheem Chandna, partner, Greylock Partners added: "Palo Alto Networks new security application development model represents an important milestone for the security industry, and holds huge potential for customers, entrepreneurs and developers."
"Many early stage security start-ups have excellent ideas, but struggle to reach customers. By tapping into this fund and application framework, companies can get their technologies to market faster and into the hands of Palo Alto Networks customers," Jim Goetz, partner, Sequoia Capital added.