IoT Security Company Lands $2M for Device Management Tech

IoT device security provider Device Authority has received a $2 million investment for its cyber defense platform.

Prelude, the venture practice of Mercato Partners, said it made the investment due to the platform’s ability to  “deliver zero trust for IoT,” with a particular focus on enterprises.

Device Authority’s platform was designed to meet ongoing cybersecurity issues across industries as they see increased deployment of connected devices, representing more potential access points for bad actors to infiltrate – with research from Fortune Business Insights finding 54% of organizations suffer from attempted IoT-focused cyberattacks. 

“This makes effective identity and access management a priority for business risk mitigation and compliance,” according to a Device Authority statement. 

Device Authority said the new funding will be used to further develop its KeyScaler platform and expand its North American presence.

“We are acutely aware of how important it is to ensure complete trust in the devices and data being used,” said Darron Antill, Device Authority’s CEO. “We are delighted that Prelude has joined our recent financing with Ten Eleven Ventures to also support our ongoing growth journey as we continue to advance our solution and grow our presence in North America.”

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Mercato Partners’ investment comes on the heels of Ten Eleven Ventures’ $7 million investment in Device Authority.