Stanford-StartX Fund is set to exit the IoT security platform developer in a $75m purchase by Palo Alto Networks.
Cybersecurity software provider Palo Alto Networks agreed yesterday to acquire internet-of-things (IoT) security technology developer Zingbox in a $75m transaction that will enable Stanford-StartX Fund, a vehicle linked to Stanford university’s StartX accelerator, to exit.
Founded in 2014, Zingbox has created a software platform that uses artificial intelligence and machine learning to detect cyber threats to connected devices and systems and help secure them against attacks.
Palo Alto Networks will incorporate the company’s technology into its Cortex and Next-Generation Firewall products. The deal is expected to close in the first quarter of next year.
The only funding to be disclosed by Zingbox was a $22m series B round co-led by computing technology producer Dell’s corporate venturing unit, Dell Technologies Capital, and Tri Ventures in 2017, though the company has named Stanford-StartX Fund, Envision Ventures, Oriza Ventures and GSR Ventures as invetsors.
Zingbox CEO Xu Zou said:…
