Image Source: Expleo
Evolution Equity Partners is targeting cybersecurity and enterprise software companies for its new Evolution Technology Fund II LP for which it announced Thursday a final closing totaling $400 million.
Managing partner at Evolution Richard Seewald said through email that the firm based in New York City, London, Palo Alto, and Zurich has made 12 investments from the new fund so far. He expects to invest in 20 to 25 companies overall.
Investments will start from $10 million to $50 million in early and growth-stage companies focused on cybersecurity, machine learning big data, and SaaS to build market-leading platforms.
The fund was oversubscribed and included new and returning institutional investors, corporates, and family offices from the United States, Europe, Middle East, and Asia.
Few of the investments from Evolution Technology Fund II include fraudulent money detection company Quantexa, Quantum Encryption company Arqit-Quantum, and digital asset protection company Unbound Security.
Image Source: Data Center Knowledge
The cybersecurity market presents a captivating opportunity over the next decade and even longer, due to the sophistication of hackers and criminals raising over the past few years, creating material unquantified risk to our economy and society. The current environment of increased digitalizing and remote work has created an unparalleled attack surface. Seewald and Dennis Smith, both technology entrepreneurs, started the firm in 2008 and have made 42 investments to date. Evolution currently has more than $1 billion of assets under management. “Our approach to cybersecurity is being reassessed to address a redefined world,” he added. “It’s not only the traditional cybersecurity stack that is salient to protect our digital world, but it’s also security and antifraud categories relating to block-chain, quantum computing, identity protection amongst others. Integrating these segments offers the potential to tilt the scale in our favor and to the detriment of our adversaries. Evolution invests in segments traditionally identified as cybersecurity as well as adjacent categories that together are defined as ‘Technology that Safeguards our Digital World.’”