VIDEO: Symantec's new venture arm will tap into cybersecurity startups
Symantec has announced the formation of a new venture arm, Ventures, to help startups make the transition from ideas to profits.
On Thursday, the provider said Symantec Ventures will not only provide funding to startups, but it will to "help the startup community reduce expenses and accelerate time to market."
Entrepreneurs tapped by the new venture capital arm will given not only cash but access to Symantec technology including the Integrated Cyber Defense Platform for enterprises and the Digital Safety Platform for consumers, depending on the of the startup.
The cybersecurity firm has also promised startups access to threat intelligence data, which can be used for product testing, validation, machine learning algorithm training, and AI system creation.
"This kind of data can be expensive and sometimes for a startup to obtain access," Symantec notes.
In June last year, Symantec acquired for $4.6 , which also holds a minority stake in Appthority. The new venture arm is upon Symantec's previous investment in mobile security firm Appthority, and this will provide a model for venture members to follow.
"We are launching Symantec Ventures to catalyze innovation in the cybersecurity space," said Symantec CEO Greg Clark. "We can help startups by allowing them to build on our extensible Integrated Cyber Defense . For example, a new algorithmic to anomaly detection can be built on top of our endpoint platform or run on top of our network and cloud security train."
"This strives to enable Symantec's more than 385,000 enterprise customers [...] to tap into the rich ecosystem of ideas in the marketplace and allow entrepreneurs to dramatically reduce their time to market," the executive added.
In November last year, Symantec launched Endpoint Protection 14, a security solution which is to harness artificial intelligence to protect clients.
VIDEO: Major US cities are plagued by millions of exposed IoT devices