Ireland-based security product manufacturer Allegion has formed a $50m corporate venturing vehicle called Allegion Ventures that will invest in complementary technologies.
Spun out of industrial product and home appliance group Ingersoll Rand in 2013, Allegion owns a range of security brands including lock maker Schlage, door exit system provider Von Duprin and bicycle lock producer Kryptonite.
Allegion Ventures will make investments of $250,000 to upwards of $5m in early-stage companies working on technology that can make buildings more secure and user experience smoother and less intrusive.
The fund’s portfolio companies so far are Yonomi, the US-based smart home product developer that raised $5m in an Allegion-backed series A round in January this year, and Austria-based smart lock startup Nuki, which received an undisclosed sum in February.
Allegion has also revealed that it led a series C round closed by iDevices, the US-based connected home technology provider acquired by electronics producer Hubbell in April 2017.
Rob Martens, head of external partnering and collaboration for Allegion, will lead Allegion Ventures as president. It will be managed by venture capital firm Touchdown Ventures.
Martens said: “Allegion is intent on being at the leading edge of discovery. 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.”