Device Authority announces $2.9m funding to accelerate revenue growth
Device Authority, an identity and access management firm (IAM) for the Internet of Things (IoT), has announced a $2.9m 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, KeyScalerÒ platform.
Device Authority has been working closely with Venafi, a Machine Identity Management firm, 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.”