The fund also announced its first investment, an undisclosed amount in cloud security applications startup Kavach, on Wednesday.
. Large tech companies, like Intel and Cisco, have for years operated in-house venture funds dedicated to investing in promising startups and technologies. Often, these corporate VC arms served as mergers-and-acquisitions pipelines for the parent company. In the last six months, public and private tech companies like Slack,But Splunk has set a more altruistic standard with its dedicated $50 million Social Impact Fund.
"We have to make sure we are investing in both sides of the equation," St. Ledger said."We don't want to lose sight of the social impact side of things." St. Ledger said that Splunk Ventures will operate within Splunk's larger organization under the mergers and acquisitions team. Given the, St. Ledger acknowledged that the Splunk Ventures team will have to work hard to convince entrepreneurs to accept funding from the new fund.
"Very often that is what corporate venture is used for, but the truth of the matter is that's not our intent going into it," St. Ledger said of whether or not the fund would be used to help the company source acquisition targets."It's really about accelerating the data ecosystem and partnering with the portfolio companies."
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