Device Authority, a global leader in identity and access management for Enterprise IoT ecosystems, has secured a further $2m in Series A funding from Prelude, the venture practice for Mercato Partners.
The US based venture capital firm specializes in investments in high growth cyber technology businesses. It chose to invest in Device Authority due to the strength of its team, its innovative SaaS KeyScaler platform, which helps Enterprises deliver zero trust for IoT, and its expanding use cases, solving real problems that customers face in the market.
According to Fortune Business Insights, the global IoT market is increasing at a compound annual growth rate of 26.1% and is expected to reach $3352.97 billion by 2030. However, when coupled with the fact that on average every week, 54% of organizations suffer from attempted IoT-focused cyber-attacks[1], this makes effective identity and access management a priority for business risk mitigation and compliance.
Tern plc (LON:TERN) backs exciting, high growth IoT innovators in Europe. They provide support and create a genuinely collaborative environment for talented, well-motivated teams. Device Authority is focused on securing connected device ecosystems and is recognized as the global leader in Device Identity Lifecycle Management and Identity and Access Management (IAM) for the Internet of Things (IoT).
