Device Authority – a global leader in Identity and Access Management for Enterprise IoT ecosystems – announced $7 million in Series A funding from Ten Eleven Ventures. This investment follows Device Authority’s launch of the company’s new KeyScaler AI solution.
The growing complexity of Enterprise IoT ecosystems makes device security vital. 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 unauthorized access, and ensuring compliance.
Device Authority’s KeyScaler-as-a-Service (KSaaS) platform offers automated device identity security throughout the entire lifecycle, allowing organizations to achieve end-to-end device and data trust. And its patented Dynamic Device Key Generation (DDKG) trust anchor technology and its continuous authorization supports supply chain security and establishes a vital 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.
The Series A funding round enables Device Authority to grow its product offerings and will allow the company to continue to expand its North American presence. Along with the investment, Device Authority appointed three new board members, including industry luminary and serial cyber CEO and investor Timothy Eades who joins as Chair of the Board; Dave Palmer, General Partner ofTen 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 MinisterTony Blair.
KEY QUOTES:
“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. 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.”
- Device Authority’s CEO Darron Antill
“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.”
- Ten Eleven Ventures General Partner Dave Palmer
