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#News(Security) [ via IoTForIndiaGroup ]
IAR Systems Group has created a dedicated fund to invest in and incubate internet of things (IoT) security startups, committing $2 million a year over three years, initially. This will be done through a new business incubator called Ymir, located in Stockholm.
While the physical incubator is in Sweden, the fund is targeting global startups.
“In terms of hot spots we are obviously looking at the UK, with the Cambridge team as its focus; Stockholm as a Nordic start-up hub; and Munich,” said Haydn Povey, CEO of Secure Thingz, which was acquired by IAR in 2018. “However anywhere in Europe, North America, Asia-Pacific, India or elsewhere are on limits for the right opportunity.”
Povey added that the key focus will be to help align them to leverage the IAR partnership, with a global customer base.
The fund will look at seed and pre-seed companies, with investments ranging from around $100,000 up to around $1 million.
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