Carmel-based Allegion Ventures has launched a $100 million investment fund. The corporate ventures arm of Ireland-based Allegion plc (NYSE: ALLE) says the fund was driven by the momentum created through its first fund, which was established in 2018. Bobby Prostko, who will serve as managing director for Fund II, says the company wants to continue to spur innovation among companies, especially those outside of Allegion’s core market.

In an interview with Inside INdiana Business, Prostko says Allegion Ventures is looking to focus on new sectors with the fund.

“We’re looking at building analytics, IoT data and security, construction lifecycle, property management and asset management,” said Prostko. “We’re also looking for any kind of companies that would boost our visions around seamless access around Allegion.”

The new fund is double the size of the first fund. Allegion Ventures says it will provide initial funding ranging from $500,000 to $10 million.

“It’s a larger fund this time, so it gives us the ability to write potentially bigger checks to companies, but also to write more checks to companies,” said Proskto. “So, it kind of gives us more flexibility, which is exciting for us and creates more partnership opportunities potentially or to take greater, bigger bets on certain companies and partner with them more.”

Prostko says they are looking for companies that could create a mutually beneficial relationship.

“They are outside of some of the core things that we would do, where they are doing something more heavily in software, machine learning, cybersecurity, IoT, data or building analytics that we don’t offer a service in, but are kind of adjacent to some of the products and services that we provide,” he said. “Rather than either one of us trying to cross over into each other’s roles, it’s more efficient for us to work together and combine our products or services and go into the market as opposed to either one of us trying to go it alone.”

The company says remains active in its support of the companies that received investment from the first fund, which include Mapped, Mint House, and VergeSense, among others.