October 26, 2017 / 11:48 PM / a month ago

Former FireEye CEO joins cyber venture fund Allegis

(Reuters) - Technology executive Dave DeWalt has joined early-stage cyber-security venture capital firm Allegis Capital as a managing director, the fund said on Thursday, as it looks to invest more in companies closer to going public.

President and CEO of McAfee Dave DeWalt takes part in a panel titled "Cybercriminology: Why is it so tought to catch the online terrorists, crooks and other evil doers" at the Fortune Brainstorm Tech conference in Pasadena, California July 24, 2009. REUTERS/Fred Prouser

With the appointment DeWalt, a former CEO of FireEye Inc (FEYE.O) and McAfee before it was acquired by Intel Corp (INTC.O), is moving directly into the world of venture capital after years of running companies.

“His experience, and the networks that come with it, will be a tremendous asset to our firm and our portfolio companies as they grow from solution innovators to market leaders,” Allegis founder Bob Ackerman said in a statement.

Allegis is looking to raise between $200 million and $400 million to invest in series C funding rounds, a source with knowledge of the plans said. Such rounds typically involve the last private cash injected into a company before it goes public.

San Francisco-based Allegis also said it would change its name to AllegisCyber and open an office in the Washington area to tap into the region’s high density of cyber engineers and robust investment opportunities.

Allegis said that DeWalt had previously consulted on several investments, including a stake they took in Callsign, where DeWalt sits on the board.

DeWalt has this year joined the boards of a string of cyber security companies including ForgeRock, Optiv, Phantom and Claroty. He has sat on the board of Delta Air Lines Inc (DAL.N) since late 2011.

Allegis’ existing cyber security investments include Area 1, Bracket Computing, CyberGRX, E8 Security, Shape Security, Signifyd, Synack, tCell.io and vArmour.

Reporting by Alastair Sharp; Editing by Jim Finkle and Diane Craft

Our Standards:The Thomson Reuters Trust Principles.
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