Cybersecurity Fund Closes With $1.1B

Evolution Equity Partners has closed the final round of funding for its third Technology Fund with $1.1 billion, intended to support companies developing next-generation cybersecurity tech.

According to Evolution, contributors included institutions, sovereign investors, insurance companies, foundations and high-net-worth individuals.

The funds offer Evolution a pool of capital for future investments in cybersecurity, ranging from $20 million to $150 million and for companies using machine learning and AI to build market-leading platforms. 

"The overwhelming success of this fundraise was driven by strong support from both existing and new investors who recognize and support our cybersecurity-focused investment strategy,” said Richard Seewald, Evolution’s co-founder. “Given this backdrop, we remain disciplined about investment pacing and prioritizing high conviction next-generation cybersecurity investment opportunities driven by companies that are safeguarding the digital world." 

Dennis Smith, Evolution’s co-founder, also said investment in the cybersecurity space was set to see a boom, thanks to a “rapidly expanding attack surface, market consolidation and demand for next-generation products and services.”

"We are experiencing unprecedented disruptive forces including the impact of AI and machine learning, accelerated digitalization and increasingly sophisticated adversaries in a highly complex geopolitical environment,” Smith added. “Cybersecurity companies have boundless opportunity to embody their innovations and leverage creativity for sustainable benefit to society."

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