Cybersecurity Fund Closes With $1.1B

Evolution Equity Partners set up its third tech fund as a pool of capital to support future cybersecurity projects

Scarlett Evans, Assistant Editor, IoT World Today

April 18, 2024

1 Min Read
Cybersecurity lock image

Evolution Equity Partners has closed the final round of funding for its third Technology Fund with $1.1 billion, intended to support companies developing next-generation cybersecurity tech.

According to Evolution, contributors included institutions, sovereign investors, insurance companies, foundations and high-net-worth individuals.

The funds offer Evolution a pool of capital for future investments in cybersecurity, ranging from $20 million to $150 million and for companies using machine learning and AI to build market-leading platforms. 

"The overwhelming success of this fundraise was driven by strong support from both existing and new investors who recognize and support our cybersecurity-focused investment strategy,” said Richard Seewald, Evolution’s co-founder. “Given this backdrop, we remain disciplined about investment pacing and prioritizing high conviction next-generation cybersecurity investment opportunities driven by companies that are safeguarding the digital world." 

Dennis Smith, Evolution’s co-founder, also said investment in the cybersecurity space was set to see a boom, thanks to a “rapidly expanding attack surface, market consolidation and demand for next-generation products and services.”

"We are experiencing unprecedented disruptive forces including the impact of AI and machine learning, accelerated digitalization and increasingly sophisticated adversaries in a highly complex geopolitical environment,” Smith added. “Cybersecurity companies have boundless opportunity to embody their innovations and leverage creativity for sustainable benefit to society."

Related:FCC Approves Cybersecurity Labeling Program for Smart Products

About the Author(s)

Scarlett Evans

Assistant Editor, IoT World Today

Scarlett Evans is the assistant editor for IoT World Today, with a particular focus on robotics and smart city technologies. Scarlett has previous experience in minerals and resources with Mine Australia, Mine Technology and Power Technology. She joined Informa in April 2022.

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