Evolution is attempting to raise $125 million in order to capitalize on the growing enterprise cybersecurity market.
The investment firm, ran by former executives and investors in antivirus firm AVG, is seeking to triple its investment in the cybersecurity market over the next five years, as reported by Reuters.
Founded in 2008, Evolution Equity Partners is a growth-stage technology investor which assists companies in entering the global market. The firm has a focus on information security, enterprise software and consumer/enterprise crossover opportunities.
The Zurich, Switzerland-based equity firm has already made a number of investments after securing $70 million in funding over the past several years. The first investment took place in 2011 with funding of $1.4 million in Cognitive security, later acquired by Cisco. Following this investment, Evolution has also invested in SecurityScorecard, OpenDNS and Onapsis.
Led by one of the original investors in AVG, Richard Seewald -- and counting tech entrepreneur Dennis Smith, former AVG CEO J.R. Smith and former AVG CTO Karel Obluk on the roster -- the firm plans to tap into both European and US companies that wish to take their security products to the global stage. Seewald said:
"We are picking segments where top line growth is exponential. Large enterprises are not going to stop spending on security software. This spending growth is not going away."
Evolution hopes to reach its goal of $125 million by the first quarter of 2016, with investments ranging from $5 million to $15 million. The firm will then target up to 15 up-and-coming technology firms "with an eye on their sale or an initial public offering in a three- to five-year period," the publication says.
"We think there are too many feature-driven cyber security companies that are going to be either folded into a larger acquirer or not move forward at all," Seewald commented. "That is exactly where we are not investing."
The list of data which may be packaged and sold includes advertising, browsing and search history, mobile network details, app usage and the approximate location in which AVG software is used, among others. This data may be sold to third parties or may also be sent to AVG affiliated companies.
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