Device Authority, an access management company for IoT ecosystems, has announced $7M in Series A funding from Ten Eleven Ventures, a venture capital firm specialising in cybersecurity.
The investment follows Device Authority’s Microsoft Global Partner of the Year award and the launch of the company’s new KeyScaler artificial intelligence (AI) solution.
“The Device Authority team is solving a critical and huge problem in cybersecurity: how to enable complete IoT devices and data trust,” said Dave Palmer, General Partner, Ten Eleven Ventures.
“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.”
As the global number of IoT devices is projected to reach 41.6 billion by 2025 and the number of IoT-focused cyber-attacks rose to over 112 million in 2022 according to Statista, effective identity and access management is a foundational element in mitigating security risks, preventing unauthorised access and ensuring compliance.
Device Authority’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.
Its patented Dynamic Device Key Generation (DDKG) trust anchor technology and its authorisation supports supply chain security and is understood to establish a root of trust to mitigate the security risks posed by the use of AI in connected environments in the automotive, medical, industrial and critical infrastructure industries.
Device Authority says the Series A investment enables Device Authority to continue to grow its product offerings and will allow the company to continue to expand its North American presence.
Alongside the investment, Device Authority appointed three new board members including industry luminary and serial cyber CEO and investor Timothy Eades who is also now Chairman 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 former UK Prime Minister Tony Blair.
“We are delighted to welcome Ten Eleven Ventures as a new investor,” said Darron Antill, CEO, Device Authority.
“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.
“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.”