Device Authority, a developer of identity and access management software for enterprise Internet of Things ecosystems, has secured a further £1.6 million in Series A funding.
The investment comes from Prelude, the venture capital practice for US-based Mercato Partners, which specialises in investments in high-growth cyber technology businesses.
It comes just weeks after Ten Eleven Ventures’ £5.5m investment in Device Authority and the appointment of three new board directors in Timothy Eades, David Palmer and Grace Cassy.
The Reading-based firm has developed Software-as-a-Service platform KeyScaler, which helps enterprises to deliver zero trust for IoT, and its expanding use cases, solving real problems that customers face in the market.
According to Fortune Business Insights, the global IoT market is increasing at a compound annual growth rate of 26.1%. Coupled with the fact that every week 54% of organisations suffer from attempted IoT-focused cyber-attacks, this makes effective identity and access management a priority for business risk mitigation and compliance.
“As a company that is immersed in the connected world and sees the latest use cases being deployed by our customers all over the world, we are acutely aware of how important it is to ensure complete trust in the devices and data being used,” said CEO Darron Antill.
“Our KSaaS cloud service and KeyScaler platform has 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.
“We are delighted that Prelude has joined our recent financing with Ten Eleven Ventures to also support our ongoing growth journey as we continue to advance our solution and grow our presence in North America.”
Davis Warnock from Mercato Partners: Prelude added: “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.”