The security product maker's coprorate venturing subsidiary has doubled the size of its debut fund for its sophomore vehicle, along with its investment size.

Allegion Ventures, the strategic investment arm of Ireland-headquartered security equipment producer Allegion, announced a $100m second fund yesterday. The unit was formed by Allegion in 2018 with a $50m allocation for its first fund and a brief to invest in developers of technology capable of making buildings safer. The second fund will be managed by Allegion Ventures principal Bobby Prostko, also the corporate’s chief privacy officer. It has also doubled the size of its investment range, from between $250,000 and $5m to a $500,000 to $10m range. Prostko said: “For more than three years now, Allegion Ventures has taken an investing approach designed both to deliver financial returns and to spur innovation. “Given the success we have had with that approach, we will continue to invest in promising companies where Allegion Ventures can be a strategic partner, adding value through our expertise in global markets, commercial and channel relationships, security standards and operational excellence. “We are inspired by and want to explore new technologies and software solutions that creatively solve common problems in an expanded list of targeted sectors – and we are in a position where we can take bigger bets for the right opportunities.” Allegion Ventures said it had recently appointed Hatsuki Miyata as an additional principal. Its portfolio includes VergeSense, the analytics platform developer that secured $60m last month, and voice authentication software provider Pindrop, which raised $90m in 2018. Photo courtesy of Allegion PLC.

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.