Device Authority, a leading provider of identity and access management (IAM) solutions for Enterprise IoT ecosystems, has received an additional $2 million in Series A funding from Prelude, the venture capital arm of Mercato Partners. This investment follows a previous $7 million Series A funding round from Ten Eleven Ventures and the appointment of three new board directors.
To reach a similar goal, earlier last month, Bugcrowd secured $102M funding to scale crowdsourced security platforms like fintech unicorn Rapyd. Moreover, yet another one called Aqua Security also raised $60M for its cloud-based cybersecurity approach last month.
Device Authority’s KeyScaler platform attracts investment
Prelude’s investment reflects their confidence in Device Authority’s KeyScaler platform, a SaaS-based solution that helps enterprises implement zero-trust security for their IoT devices. Zero trust is a security approach that assumes no device or user is inherently trustworthy and requires continuous authentication and authorization.
KeyScaler’s features and benefits
Device Authority’s CEO, Darron Antill, emphasised the importance of trust in the connected world and highlighted KeyScaler’s recognition as a “Rising Azure Technology” in Microsoft’s Partner of The Year Awards. KeyScaler offers several features and benefits, including:
- Automated identity provisioning and lifecycle management
- Secure device onboarding and authentication
- Fine-grained access control
- Reduced human error and faster incident response
Growing demand for IoT security drives investment
The investment highlights the growing demand for robust security solutions in the rapidly expanding Internet of Things (IoT) market. According to Fortune Business Insights, the global IoT market is expected to reach $3.35 trillion by 2030, with a compound annual growth rate of 26.1%. However, this growth is accompanied by increasing security concerns, with 54% of organisations experiencing attempted IoT-focused cyber attacks every week.
Prelude praises Device Authority’s leadership
Davis Warnock from Mercato Partners: Prelude, praised Device Authority’s team and product, stating that they “stand out as the preeminent leader in Identity and Access Management for enterprise IoT.” This investment further validates Device Authority’s position in the market and supports their continued growth and expansion, particularly in North America.
Device Authority’s latest funding round underscores the critical need for secure IoT solutions. With its innovative KeyScaler platform, the company is well-positioned to capitalise on the growing demand for robust IAM solutions in the enterprise IoT market.
