Reading, Berkshire-based Device Authority, a provider of identity and access management for enterprise IoT ecosystems, announced on Tuesday that it has secured a further $2M (approximately €1.8M) in a Series A round funding from Prelude, the venture practice for Mercato Partners.
The capital injection comes a few days after raising $7M (approximately €6.4M) in Series A funding from Ten Eleven Ventures, a global venture capital firm specialising in cybersecurity.
Alongside the investment last week, Device Authority appointed three new board members, including serial cyber CEO and investor Timothy Eades, who is joining as Chair of the Board; Dave Palmer, General Partner of Ten Eleven Ventures and co-founder and Chief Product Officer of Darktrace; and Grace Cassy, co-founder of cybersecurity investment firm CyLon Ventures and former foreign policy advisor to UK Prime Minister Tony Blair.
The company will use the funds to expand its product offerings and continue growing its presence in North America.
Device Authority: Securing IoT devices
Founded in 2016, Device Authority is focused on securing connected device ecosystems.
Led by Darron Antill, the company’s KeyScaler-as-a-Service (KSaaS) platform provides
automated device identity security throughout the entire lifecycle, allowing organisations to achieve end-to-end device and data trust.
As a result, it allows organisations to reduce human error and accelerate incident response, minimising risk, ensuring complete device and data trust, and enabling trusted AI in any connected environment.
The patented Dynamic Device Key Generation (DDKG) trust anchor technology, along with its continuous authorisation, provides support for supply chain security.
It also establishes a crucial root of trust that helps mitigate security risks associated with using AI in connected environments, such as in the automotive, medical, industrial, and critical infrastructure industries.
Device Authority CEO Darron Antill says, “As a company that is immersed in the connected world and sees the latest use cases being deployed by our customers, we are acutely aware of how important it is to ensure complete trust in the devices and data being used. Our KSaaS cloud service and KeyScaler platform have already been recognised as the ‘Rising Azure Technology’ in Microsoft’s Partner of The Year Awards and by analysts who have identified Device Authority as the technological leader in its field.”
The investor
Prelude stands as the early-stage investment division of Mercato Partners, based in Salt Lake City, Utah.
Prelude is committed to forging strong partnerships with visionary founders in the domains of cybersecurity, artificial intelligence, and enterprise B2B software.
Davis Warnock from Mercato Partners, Prelude, says, “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.”
Read the orginal article: https://siliconcanals.com/news/startups/englands-device-authority-secures-1-8m/
