$1.1 billion from Evolution Equity Partners to artificial intelligence
New York-based investment firm Evolution Equity Partners has launched a $1.1 billion cybersecurity and artificial intelligence fund. “We will invest between $20 million and $150 million in cybersecurity firms and startups that leverage machine learning and artificial intelligence to create market-leading platforms,” said Evolution Co-Founder Richard Seewald.
Cybersecurity has been through a rough patch lately; Investments in the sector dropped by 40 percent compared to the previous year. However, hopeful signs of recovery and investment news started to come.
Evolution Equity Partners, a New York-based investment firm, announced that it has launched a $1.1 billion cybersecurity and artificial intelligence fund.
There was a great demand for the fund, called Evolution Technology Fund III, with the participation of independent investors, insurance companies, foundations and angel investors. “We will invest between $20 million and $150 million in cybersecurity firms and startups that leverage machine learning and artificial intelligence to create market-leading platforms,” said Richard Seewald, Co-Founder of Evolution.
“The Evolution Technology Fund III has already backed fifteen leading cybersecurity companies, having launched its investment period 12 months ago,” said Seewald.
With Evolution Technology Fund III, Evolution’s strategy will be to allocate approximately 75 percent of the total $1.1 billion to early growth stage companies, approximately 15 percent to later growth stage startups, and approximately 10 percent to early stage companies. Investments will be made not only in North America but also in Europe.