Together the pair expect to grow up to ten startups annually, providing them with funding, resources and guidance from experts. Selected companies will have access to Frost Data Capital’s data and analytics network, while security solutions firm Symantec will help to solve the biggest threats faced from the cyber world.
The IoT and big data push comes after the UK government launched a £10m fund to encourage British businesses and local authorities to develop an R&D project detailing how the Internet of Things can benefit the public.
Elsewhere, the Department for Business, Innovation and Skills has aligned with the Accelerator network to bring 50 young cyber security experts from 13 UK universities together to fight risks posed to companies.
“Protecting and promoting the UK’s digital economy is a key part of the government’s long-term economic plan, so it’s crucial we have the skills to do this now and in the future,” said Ed Vaizey, minister for the digital economy.
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“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 specialised skills.”
The firm recently found that hackers are bypassing traditional defences in ways that companies are incapable of anticipating. Additionally, they’re manipulating official software and emerging technology to support the cyber crimes.
John Vigouroux, managing partner and president of Frost Data Capital, added: “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.”