Symantec and FDC are to incubate ten IoT security startups per year
Symantec is teaming up with venture capital firm Frost Data Capital to incubate startups primarily developing solutions to secure the Internet of Things.
The companies initially plan to create and seed up to ten early-stage startups with funding, resources and expertise, with Symantec offerings access to its own security technologies and Frost Data Capital its data analytics platforms.
“We’re taking a fresh look at driving innovation in the market and this partnership will enable Symantec to transform raw ideas and concepts into meaningful security companies,” said Jeff Scheel, senior vice president, strategy, alliances and corporate development at Symantec. “By collaborating with Frost Data Capital, we create an environment primed to incubate new, innovative and disruptive startups in cyber security – especially in the realm of IoT technologies where verticals like process control, automotive, health care and energy require specialized skills.”
The goal is to encourage development of threat detection analytics services capable of being applied in IoT architectures, where data volume and velocity can be particularly acute challenges when it comes to security and performance.
“We’re seeing a huge opportunity in the IoT security market,” said John Vigouroux, managing partner and president of Frost Data Capital. “We’re excited to work with Symantec to bring cutting-edge, relevant security analytics solutions to market rapidly, in order to prevent next generation cyber attacks on corporate infrastructures. Symantec brings to the table world-class security technology, global presence and strategic relationships that will be instrumental to launching these startups.”
Symantec and FDC are not the only firms looking to incubate startups with a view towards developing IoT solutions that complement their own offerings. Cisco recently announced significant efforts to incubate French and UK startups innovating in the area of IoT networks, while Intel and Deutsche Telekom unveiled similar moves in Europe last year.