Ireland-based Allegion plc (NYSE: ALLE) is launching a $50 million corporate venture fund. The security products company, whose North American headquarters are located in Carmel, says Allegion Ventures will invest in early-stage companies to accelerate the growth of innovative technologies and products.
Allegion says it will focus in companies that are poised for growth and go beyond traditional approaches to make security and access "smart, strong, faster and less intrusive." The fund will be led by Rob Martens, current the head of external partnering and collaboration for Allegion, as its president.
"Allegion is intent on being at the leading edge of discovery," Martens said in a news release. "We want to use our knowledge of how real people live and work to make security and access better in the future. With the addition of a venture fund, Allegion – already a pioneer in the industry – will help companies grow and scale faster as a result of our market expertise."
Wade Sheek, deputy general counsel for Allegion, will serve as managing principal for Allegion Ventures. The company is also partnering with corporate venture firm Touchdown Ventures to assist the management of the fund.
You can learn more about Allegion Ventures by clicking here.