Device Authority, a global leader in Identity and Access Management (IAM) for Enterprise IoT ecosystems, has announced a significant financial milestone, securing $7m in Series A funding.
The investment comes from Ten Eleven Ventures, a global venture capital firm with a focus on cybersecurity.
The investment is poised to bolster Device Authority’s pioneering efforts in securing Enterprise IoT ecosystems. With the global count of IoT devices expected to hit 41.6bn by 2025 and IoT-focused cyber attacks surpassing 112m in 2022, the importance of robust identity and access management solutions cannot be overstated. Device Authority’s KeyScaler-as-a-Service (KSaaS) platform is at the forefront of providing automated device identity security throughout the device lifecycle, ensuring unparalleled device and data trust.
The Series A funding is earmarked for expanding Device Authority’s product suite and enhancing its North American market presence. Accompanying the investment, the company is welcoming three new board members: Timothy Eades, an esteemed cyber CEO and investor, as Chair of the Board; Dave Palmer, General Partner of Ten Eleven Ventures and co-founder of Darktrace; and Grace Cassy, co-founder of CyLon Ventures and former advisor to UK Prime Minister Tony Blair.
Device Authority CEO Darron Antill expressed enthusiasm over the investment, highlighting the strategic value of Ten Eleven Ventures’ involvement. “We are delighted to welcome Ten Eleven Ventures as a new investor. This investment is a significant step in Device Authority’s journey as we continue to help new and existing customers solve their device security challenges.
“The wealth of knowledge and experience that our new investor and board members bring will add significant value in helping the company grow and become the market leader for delivering zero trust for IoT.”
Ten Eleven Ventures General Partner Dave Palmer echoed this sentiment, underscoring the critical role Device Authority plays in the cybersecurity landscape. “The Device Authority team is solving a critical and huge problem in cybersecurity: how to enable complete IoT devices and data trust.
“Through the company’s KeyScaler platform, the company has developed a comprehensive way in which companies can manage the risks of smart components and ultimately deliver safer products to their consumers. We are pleased to partner with them at this chapter of their journey, and look forward to helping them grow.”
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