Allegion plc (NYSE: ALLE), a global security products and solutions provider, has launched a $50m corporate venture fund.
Allegion Ventures was formed to accelerate the growth of innovative technologies and products.
The fund will invest in early-stage companies going beyond traditional approaches to make security and access smarter, stronger, faster and less intrusive.
Rob Martens, who also serves as Allegion’s head of external partnering and collaboration, as well as its global futurist, has been named Allegion Ventures’ president.
Wade Sheek, deputy general counsel for Allegion, will serve as Allegion Ventures’ managing principal.
Allegion has partnered with corporate venture capital firm Touchdown Ventures, which works with several Fortune 500 corporate venture funds in a similar capacity, to assist in managing the fund.