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, this makes effective identity and access management a priority for business risk mitigation and compliance.

Commenting on the investment, Device Authority CEO Darron Antill said, “As a company that is immersed in the connected world and sees the latest use cases being deployed by our customers all over the world, we are acutely aware of how important it is to ensure complete trust in the devices and data being used. Our KSaaS cloud service and KeyScaler platform has already been recognised as the ‘Rising Azure Technology’ in Microsoft’s Partner of The Year Awards and by analysts who have identified Device Authority as the technological leader in its field. 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.”

Davis Warnock from Mercato Partners: Prelude added, “We have been familiar with the Device Authority product and team for quite some time, and we are thrilled about the opportunity to invest in their future growth. In our view, this company stands out as the preeminent leader in Identity and Access Management for enterprise IoT.”

Mercato Partners’ investment comes just weeks after Ten Eleven Ventures’ $7m investment in Device Authority and the appointment of three new board directors; industry luminary and serial cyber CEO and investor Timothy Eades, who is joining 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.

The Device Authority PR team provided this piece to SME Business Review.