US-based cybersecurity technology provider Palo Alto Networks has launched a $20m venture capital fund that will support developers of security apps for its Next-Generation Security Platform.
The fund will target companies developing cloud-based apps which could be built on the Palo Alto Networks platform and the company’s recently launched Palo Alto Networks Application Framework.
Chad Kinzelberg, senior vice-president of business and corporate development for Palo Alto Networks, said: “This new fund will build upon our reputation for developing innovative, next-generation security technologies and demonstrate the excellent momentum that we have achieved with our ecosystem of security partners.
“It represents an essential part of our mission to help organisations prevent cyber breaches by inspiring and accelerating a groundswell of security innovation in a model that can be easily accessed and deployed by customer organisations.”
The unit plans to invest at seed, early and growth stage, and will work in tandem with established VC firms Greylock Partners and Sequoia Capital to identify promising companies in which they can co-invest.