Device Authority has raised £5.5 million and appointed a trio of cybersecurity veterans to its board.

The Series A funding comes from Ten Eleven Ventures, a global venture capital firm specialising in cyber. 

Device Authority, which recently won the Microsoft Global Partner of the Year award, has launched a new KeyScaler AI solution.

With the global number of IoT devices projected to reach 41.6 billion by 2025 and the number of IoT-focused cyber attacks rising to over 112m a year, effective identity and access management is a foundational element in mitigating security risks, preventing unauthorised access and ensuring compliance.

Device Authority says the KeyScaler SaaS platform provides automated device identity security throughout the entire lifecycle, allowing organisations across automotive, medical, industrial and critical infrastructure to achieve end-to-end device and data trust. 

The company will expand its presence in the United States with the investment.

The new board members include serial cyber CEO and investor Timothy Eades, now chairman; 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.

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“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,” said Device Authority CEO Darron Antill.

“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.”

Palmer added: “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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