Allegion: Pipeline 'Robust' For $50M Corporate Venture Fund

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Rob Martens is president of Allegion Ventures. Rob Martens is president of Allegion Ventures.
CARMEL -

The president of a recently-launched corporate venture fund says early interest is strong and includes conversations about innovation in central Indiana. Ireland-based Allegion PLC (NYSE: ALLE), which has its North American headquarters in Carmel, launched the $50 million fund in March, targeting innovation in the security industry. "We've had well over 50 companies that we've had conversations with, (and) some of them have been local," said Rob Martens. "And I will tell you that central Indiana has some very competitive technology and very competitive entrepreneurs."

In an interview on Inside INdiana Business with Gerry Dick, Martens talked about the idea behind the fund and the decision to make it happen.

Allegion launched the fund in March, saying it would focus on early-stage companies to accelerate the growth of innovative technologies and products. Martens says the goal is to make the fund different from other corporate funds, which he says can be too bureaucratic.

"Whether it's sharing a special skill that we have in manufacturing or making connections for you... fundamentally, our focus is on people and asset flow and identifying emerging technologies that can help us tell a better narrative around security and safety."

Allegion was formed in 2013 after spinning out from Ingersoll Rand. It is a $2 billion company with more than 10,000 employees, including more than 1,000 at its North American headquarters in Carmel and a manufacturing facility on the east side of Indianapolis. The company's brands, which include Schlage and Von Duprin, are sold in more than 125 countries.

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