TLDR:
- Device Authority secures £1.6 million in Series A funding from US-based Mercato Partners.
- The investment will help the company grow its Software-as-a-Service platform KeyScaler to address the increasing cybersecurity threats in the global IoT market.
Article Summary:
Device Authority, a developer of identity and access management software for enterprise Internet of Things ecosystems, has received £1.6 million in Series A funding from Prelude, the venture capital practice for US-based Mercato Partners. This investment follows a recent injection of £5.5 million from Ten Eleven Ventures and the appointment of three new board directors.
The Reading-based firm’s Software-as-a-Service platform KeyScaler aims to enhance security measures in IoT environments amidst a growing trend of cyber-attacks in the industry. With the global IoT market expanding rapidly, effective identity and access management have become crucial for business risk mitigation and compliance.
CEO Darron Antill highlighted the importance of trust in devices and data in the connected world and expressed gratitude for the support from Prelude and Ten Eleven Ventures to aid the company’s growth in North America. Davis Warnock from Mercato Partners: Prelude praised Device Authority as a technological leader in Identity and Access Management for enterprise IoT.
The investment will enable Device Authority to further develop its solution and strengthen its position in the market, particularly in North America. With the rise of IoT cyber-attacks, the company’s innovative platform plays a vital role in enhancing security and trust in IoT devices and data.
