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Device Authority secures extra $2m for IoT access management growth
Fri, 23rd Feb 2024

Device Authority, the global company specialising in identity and access management for Enterprise IoT ecosystems, has recently secured an additional $2m in Series A funding. The contributing investor is the Prelude Fund, which belongs to US-based venture capital firm, Mercato Partners. This comes not long after the company received a $7m boost from Ten Eleven Ventures.

This new round of funding supports Device Authority’s ongoing growth journey and its plans to further bolster its presence. As the global IoT market continues to flourish, with augmented numbers of apparent IoT-oriented cyber-attacks, securing funds for bolstering identity and access management has become crucial for businesses.

Mercato Partners, a firm specialising in investments in rapidly growing cyber technology businesses, elected to invest in Device Authority due to the robustness of its team and the innovation of its SaaS KeyScaler platform. The investment was also driven by the expanding application scenarios the platform offers, aimed at resolving genuine issues that customers face in the market.

Global IoT statistics reveal a rapid surge, with a yearly compound growth rate of 26.1%, with forecasts predicting a value of $3352.97 billion by 2030. However, the weekly average of 54% of organisations encountering attempted IoT-focused cyber-attacks makes powerful identity and access management a crucial strategy for businesses aiming to mitigate risk and ensure compliance.

Darron Antill, CEO of Device Authority, said, “We are acutely aware of the importance of ensuring complete trust in devices and data being used, being a company immersed in the connected world, seeing the latest use cases being deployed all over the globe." Antill adds that their KSaaS cloud service and KeyScaler platform has received recognition as the 'Rising Azure Technology' in Microsoft's Partner of the Year Awards as well as acknowledgment from industry analysts identifying Device Authority as the technological leader within its sector.

Antill expressed his delight that Prelude has followed Ten Eleven Ventures in supporting Device Authority's current financing, "as we continue to advance our solution and grow our presence in North America.”

Davis Warnock from Mercato Partners: Prelude stated, “We have been familiar with the Device Authority product and team for quite some time, and we are thrilled about the opportunity to invest in their future growth. In our view, this company stands out as the preeminent leader in Identity and Access Management for enterprise IoT.”

The investment from Mercato Partners is fresh on the heels of the recent $7m investment in Device Authority by Ten Eleven Ventures and the inauguration of three new board directors: Timothy Eades, David Palmer and Grace Cassy.