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ST Engineering unit invests in cyber security business
SINGAPORE Technologies Engineering Ltd's Corporate Venture Capital unit has invested in Janus Technologies, Inc, an endpoint cyber security provider based in California.
On Tuesday, ST Engineering said that ST Engineering Ventures Pte Ltd (ST Engineering Ventures) has made a Series B investment of US$5.8 million for a minority interest in Janus Technologies.
Vincent Chong, president & CEO of ST Engineering, said: "This is the first investment by our Corporate Venture Capital unit in companies with cutting edge technologies or breakthrough innovations.
"Our investment in Janus Technologies will benefit not just the group's cyber security business, but will also enable Janus Technologies' organic growth as it will have access to our established business networks and channels."
The group has identified cyber security - along with robotics, autonomous technology and data analytics - as strategic capabilities that it will invest in to create long-term value and growth.
Through this investment, ST Engineering's electronics arm, ST Electronics, will be able to provide a "unique hardware-based cyber security solution that delivers a customised and secure platform, and network security capabilities to its customers".
ST Engineering closed at S$3.54 on Tuesday, down S$0.010, or 0.28 per cent.