Security products company Allegion Plc says it has had such success with its initial technology-focused investment fund over the past 32 months, that it is now launching a $ 100 million fund that is double the original size.

The company announced Wednesday that its corporate arm, Allegion Ventures, has established a fund that will invest in companies working in the Internet of Things, data security, building analysis, lifecycle management of construction and property management. The fund, called Fund II, aims to make investments in the range of $ 500,000 to $ 10 million.

Allegion is headquartered in Ireland and its Americas division is based in Carmel. The company manufactures a range of products, from mechanical and electrical locks to electronic security products, under brands such as Schlage, Steelcraft, Von Duprin and others.

The company’s Deputy General Counsel, Bobby Prostko, has been appointed Managing Director of Fund II.

Prostko said the success of Allegion Venture’s initial $ 50 million fund, launched in March 2018, convinced the company it was time to create another fund. “When you see this kind of success, you say, ‘OK now’. What is the next step?'”

The new fund will be managed by venture capital firm Touchdown Ventures, which has offices in Los Angeles, Philadelphia and San Francisco. Touchdown also manages Allegion Ventures Fund I.

Fund I has seven active holding companies: Boston-based HqO, San Francisco-based Kasa, California-based Mapped at El Segundo, New York-based Mint House, Atlanta-based Pindrop, Boston-based Robin, and San-based VergeSense. Francisco. . A former holding company, Openpath Security, based in Culver City, Calif., Was acquired by Motorola Solutions earlier this year.

All future investments in these seven holding companies will come from Fund I, Prostko said, but Allegion Venture’s investments in additional companies will come from Fund II.

Allegion Ventures’ goal in establishing the funds, said Prostko, is to invest in companies and create business partnerships with them. “We can help them, and they can help us. “

An example of a partnership could be to incorporate technology from a holding company into an Allegion product, which would allow Allegion to bring that product to market faster than if it had developed similar technology in-house.