Device Authority Announces $2.9 Million in Funding to Accelerate Revenue Growth

Device Authority, a global leader in identity and access management (IAM) for the Internet of Things (IoT), today announces a $2.9 million funding round led by Tern PLC, ALP and Venafi. The funding will be used to accelerate the revenue growth of the company through expansion within the core markets, most notably the US, whilst accelerating further enhancements to the development of their flagship product, KeyScaler® platform.

Device Authority has been working closely with Venafi, the leader in Machine Identity Management, since joining Venafi's Machine Identity Management Development Fund in 2019. The Development Fund sponsored Device Authority to create an innovative solution to protect against supply chain attacks on software updates. This allows IoT teams to easily sign software updates with KeyScaler and then instantly deliver them from the cloud with Venafi CodeSign Protect. Security teams have complete visibility and machine identities are not exposed to attackers. KeyScaler customers can also use Venafi and its connection to over 40 Certificate Authorities (CAs) as a source of machine identities for IoT devices. And now Venafi, along with its group company, Jetstack, are collaborating with Device Authority to bring Machine Identity Management powered by Kubernetes to the IoT edge.

"Over recent months we have been delighted to work with new customers in industries such as automotive where IoT security is becoming even more crucial as the C-suite continues to prioritize managing risk within their organization and their supply chain to protect customers. We continue to see an increase in customers who require a retrofit solution for legacy devices already deployed in the field, as well as those who make security an important part of their planning and development phase of a new IoT solutions," said Darron Antill, CEO of Device Authority. "As the requirement for a Software Bill of Materials (SBOM) becomes mandatory in the US in 2022, the drive for transparency of security within IoT products will force manufacturers to take action."

"I am delighted to welcome Venafi as a new strategic investment partner to Device Authority. The team are also grateful for the continued support of our existing investors," he added.

"Since IoT devices are critical business enablers for a wide range of organizations, this investment is perfectly aligned with Venafi's mission to ensure all machine identities are managed and protected," said Jeff Hudson, CEO of Venafi. "Venafi has always been laser focused on innovation so we're excited about the opportunity to deepen our relationship with Device Authority in order to accelerate the delivery of fast, frictionless solutions that secure the machine identities of edge and IoT devices against devasting supply chain attacks."

About Device Authority
Device Authority is a global leader in identity and access management (IAM) for the Internet of Things (IoT) and focuses on medical/healthcare, industrial, automotive, and smart connected devices. Our KeyScaler platform provides trust for IoT devices and the IoT ecosystem to address the challenges of securing the Internet of Things. KeyScaler uses breakthrough technology, including Dynamic Device Key Generation (DDKG) and PKI Signature+ that delivers simplicity and trust to IoT devices. This solution delivers automated device provisioning, authentication, credential management, policy-based end-to-end data security/encryption and secure updates.

With offices in San Ramon, California, and Reading, UK, Device Authority partners with the leading IoT ecosystem providers, including AWS, Ericsson, Entrust, HID Global, Microsoft, PTC, Thales, Venafi, Wipro and more. Keep updated by visiting www.deviceauthority.com, following @DeviceAuthority and subscribing to our BrightTALK channel.