Device Authority Secures Additional $2 Million Investment to Bolster IoT Security

Device Authority Secures Additional $2 Million Investment to Bolster IoT Security

Device Authority, specializing in identity and access management for Enterprise IoT ecosystems, has secured an additional $2 million in funding, bringing its Series A funding round to a notable total. The investment comes from Prelude, the venture practice for Mercato Partners, a US-based venture capital firm renowned for its investments in high-growth cyber technology businesses.

The decision to invest in Device Authority reflects the strength of its team and its innovative SaaS KeyScaler platform, designed to facilitate zero trust for IoT within Enterprises. With the global IoT market expected to reach $3352.97 billion by 2030, effective identity and access management has become paramount for businesses, especially considering the increasing frequency of IoT-focused cyber-attacks.

Commenting on the investment, Device Authority CEO Darron Antill emphasized the company’s commitment to ensuring complete trust in devices and data. He highlighted the recognition received by their KSaaS cloud service and KeyScaler platform, including being named the ‘Rising Azure Technology’ in Microsoft’s Partner of The Year Awards. Antill expressed delight in Prelude’s contribution to the company’s growth journey alongside Ten Eleven Ventures.

Davis Warnock from Mercato Partners: Prelude expressed excitement about investing in Device Authority’s future growth, considering the company as a standout leader in Identity and Access Management for enterprise IoT. Mercato Partners’ investment follows closely on the heels of Ten Eleven Ventures’ $7 million investment in Device Authority, along with the appointment of three new board directors, including industry veterans Timothy Eades and Dave Palmer.

Device Authority, known for its KeyScaler identity security platform and KeyScaler-as-a-Service (KSaaS), aims to automate Zero Trust security at scale. The company’s solutions enable organizations to minimize risk, ensure complete device and data trust, and facilitate trusted AI in connected environments. With a focus on advancing its solutions and expanding its presence, Device Authority continues to play a pivotal role in securing the connected future.

Prelude, the early-stage investment division of Mercato Partners, is dedicated to supporting visionary founders in cybersecurity, artificial intelligence, and enterprise B2B software. Founded in 2014, Prelude strives to forge strong partnerships and empower ambitious entrepreneurs in these domains.

Leave a Reply

Your email address will not be published. Required fields are marked *