VANCOUVER, British
Columbia, June 13, 2017
/PRNewswire/ -- Palo Alto Networks® (NYSE: PANW),
the next-generation security company, today announced it is forming
a $20 million security venture fund.
The fund will provide early stage capital investments to fuel
development of innovative security applications for the Palo
Alto Networks Next-Generation Security Platform (see
related press release: Palo Alto Networks Ushers in
the Future of Security Innovation With New Cloud-Based Application
Framework).
The fund will be aimed at seed-, early- and growth-stage
security companies with a cloud-based application approach. These
companies can accelerate their routes to market for their
respective technology by developing cloud-based applications built
upon the Palo Alto Networks platform and the new Palo
Alto Networks Application Framework, easily engaging
the tens of thousands of Palo Alto Networks customer
deployments.
The fund expects to collaborate with Greylock Partners and
Sequoia Capital to identify and evaluate innovative security
applications for potential co-investment.
By providing capital, the fund will enable entrepreneurs
and security vendors to focus on developing high-value
functionality for customers, instead of developing the
infrastructure and data stores necessary to effectively deliver
their applications and establish a foothold in the
market.
The investments in entrepreneurial security companies are
designed to accelerate the development of new security applications
for the Palo Alto Networks platform. Such applications will help
customer organizations more easily access, evaluate, and adopt new
advanced security capabilities and activate
cloud-delivered security applications from different providers as
their security needs change.
QUOTES
- "This new fund will build upon our reputation for
developing innovative, next-generation security technologies and
demonstrate the excellent momentum that we have achieved with our
ecosystem of security partners. It represents an essential part of
our mission to help organizations prevent cyber breaches by
inspiring and accelerating a groundswell of security innovation in
a model that can be easily accessed and deployed by customer
organizations."
– Chad Kinzelberg, senior vice
president, Business and Corporate Development, Palo Alto
Networks
- "Palo Alto Networks new security application
development model represents an important milestone for the
security industry, and holds huge potential for customers,
entrepreneurs and developers. We are excited to
team with Palo Alto Networks to help entrepreneurs accelerate
development in cloud-based applications, to serve a rapidly growing
customer base that includes tens of thousands of the world's most
important customers."
– Asheem Chandna, partner,
Greylock Partners
- "Many early stage security start-ups have excellent
ideas, but struggle to reach customers. By tapping into this fund
and application framework, companies can get their technologies to
market faster and into the hands of Palo Alto Networks
customers."
– Jim
Goetz, partner, Sequoia Capital
LEARN MORE
- Palo Alto Networks Venture
Fund
- Palo Alto Networks
Application
Framework
- Palo Alto Networks Next-Generation Security
Platform
Forward-Looking Statements
This press release contains forward-looking statements
that involve risks and uncertainties, including statements
regarding Palo Alto Networks formation of a venture fund and its
expectations regarding the benefits associated with the fund. There
are a significant number of factors that
could cause actual benefits and expectations with respect to
the fund to differ materially from statements made in this press
release, including Palo Alto Networks inexperience making early
stage capital investments and its ability to identify
and manage investment opportunities.
All forward-looking statements in this press release are
based on information available to Palo Alto Networks as of the date
hereof, and the company does not assume any obligation to update
the forward-looking statements provided to reflect events that
occur or circumstances that exist after the date on which they were
made.
About Palo Alto Networks
Palo Alto Networks is the next-generation security
company, leading a new era in cybersecurity by safely enabling
applications and preventing cyber breaches for tens of thousands of
organizations worldwide. Built with an innovative approach and
highly differentiated cyberthreat prevention capabilities, our
game-changing security platform delivers security far superior to
legacy or point products, safely enables daily business operations,
and protects an organization's most valuable assets. Find out more
at
www.paloaltonetworks.com.
Palo Alto Networks and the Palo Alto Networks logo are
trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions
throughout the world. All other trademarks, trade names or service
marks used or mentioned herein belong to their respective
owners.
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SOURCE Palo Alto Networks, Inc.