Partners to launch and grow up to 10 security and IoT analytics startups per year
Symantec and Frost Data Capital announced a partnership to fuel innovation in cyber security analytics, big data and Internet of Things (IoT) security. Symantec and Frost Data Capital will create and seed early-stage startups with funding, resources and expertise. These startup companies will receive access to Frost Data Capital’s data analytics ecosystem and deep knowledge and will have the opportunity to collaborate with Symantec to solve the most complex challenges shaping tomorrow’s threat landscape.
“We’re taking a fresh look at driving innovation in the market and this partnership will enable Symantec to transform raw ideas and concepts into meaningful security companies,” said Jeff Scheel, SVP, Strategy, Alliances and Corporate Development at Symantec. “By collaborating with Frost Data Capital, we create an environment primed to incubate new, innovative and disruptive startups in cyber security – especially in the realm of IoT technologies where verticals like process control, automotive, health care and energy require specialized skills.”
The partners will take nontraditional steps to confront the next generation of threats targeting emerging technologies by incubating up to 10 companies per year that will deliver advanced cyber security analytics. Frost Data Capital underpins the incubator with seasoned entrepreneurs, proven innovation methodology and process, and deep expertise in big data analytics, IoT, industrials, and healthcare.
“We’re seeing a huge opportunity in the IoT security market,” said John Vigouroux, managing partner and president of Frost Data Capital. “We’re excited to work with Symantec to bring cutting-edge, relevant security analytics solutions to market rapidly, in order to prevent next generation cyber attacks on corporate infrastructures. Symantec brings to the table world-class security technology, global presence and strategic relationships that will be instrumental to launching these startups.”
Recent Symantec research shows cyber attackers are leap-frogging defenses in ways companies lack insight to anticipate. Further complicating security efforts, criminals are increasingly leveraging legitimate technology, like enterprise software and corporate management tools, as well as emerging technology, such as, connected devices, to carry out attacks.
“New ways to protect enterprises from targeted attacks are needed, and startups are accepting the challenge,” wrote Tyler Shields, Jennie Duong, and Rick Holland in a report from Forrester Research1. “CISOs have an opportunity to take a more proactive stance in working with startups by driving their technology road map and communicating security needs.”
1 Source: Forrester – RSAC Innovation Sandbox Finalists Spur Ingenuity In Security April 20, 2015 By Jennie Duong, Tyler Shields, Rick Holland with Stephanie Balaouras, Josh Blackborow
Symantec Corporation (NASDAQ: SYMC) is an information protection expert that helps people, businesses and governments seeking the freedom to unlock the opportunities technology brings — anytime, anywhere. Founded in April 1982, Symantec, a Fortune 500 company, operating one of the largest global data-intelligence networks, has provided leading security, backup and availability solutions for where vital information is stored, accessed and shared. The company’s more than 19,000 employees reside in more than 50 countries. Ninety-nine percent of Fortune 500 companies are Symantec customers. In fiscal 2015, it recorded revenues of $6.5 billion. To learn more go to www.symantec.com or connect with Symantec at: http://www.symantec.com/social/About Frost Data Capital
Frost Data Capital is a combined incubator and venture capital firm with a unique approach, designed specifically to capture some of the enormous value that will be created as the “Big Data” revolution unfolds. Based out of Southern California, Frost Data Capital has built an eco-system of innovative startups, with deep expertise in big data, entrepreneurialism, advanced technology, analytics, and the Industrial Internet. For more information, please visit our website at: www.frostdatacapital.com.
This press release contains statements regarding our strategic direction and our projected business results, which may be considered forward-looking within the meaning of the U.S. federal securities laws, including statements regarding our intention to partner with Frost Data Capital to incubate companies, and the expected benefits to be realized as a result. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include those related to: general economic conditions; the competitive environment in the software industry; the timing and market acceptance of new product releases and upgrades; the successful development of new products, and the degree to which these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments.