Device Authority Secures $7M From Leading Global Cybersecurity VC

Start-up Welcomes Cybersecurity Veterans to Board of Directors

LONDON, Feb. 7, 2024 /PRNewswire/ -- Device Authority, a global leader in Identity and Access Management for Enterprise IoT ecosystems, announced $7M in Series A funding from Ten Eleven Ventures, a global venture capital firm specializing in cybersecurity. The investment follows Device Authority's prestigious Microsoft Global Partner of the Year award and the launch of the company's new KeyScaler AI solution.

The growing complexity of Enterprise IoT ecosystems makes device security increasingly 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 provides automated device identity security throughout the entire lifecycle, allowing organizations to achieve end-to-end device and data trust. 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 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 joins as Chair 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 UK Prime Minister Tony Blair.

Device Authority's CEO Darron Antill commented, "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."

Ten Eleven Ventures General Partner Dave Palmer added, "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."

About Device Authority:
Device Authority secures the connected future by automating Zero Trust security at scale and is a recognized global leader in Identity and Access Management (IAM) for Enterprise IoT ecosystems. Device Authority's KeyScaler identity security platform and KeyScaler-as-a-Service (KSaaS) allow organizations to reduce human error and accelerate incident response, minimizing risk, ensuring complete device and data trust, and enabling trusted AI in any connected environment. Keep updated by visiting www.deviceauthority.com, following @DeviceAuthority and subscribing to our BrightTALK channel.

About Ten Eleven Ventures:
Ten Eleven Ventures is the original cybersecurity-focused, global-stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 50 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit 1011vc.com. 

Media Contact:
Danielle Ostrovsky
Hi-Touch PR
Ostrovsky@Hi-TouchPR.com

SOURCE Device Authority