Internet of Things (IoT) and cloud services investor Tern PLC (LON:TERN) has invested a further £2mln into Device Authority, taking its stake in the cyber security firm to nearly 57%.
Device Authority will use the funds to expand its sales and marketing teams to meet the increased demand it’s seeing from the industrial and healthcare IoT markets, Tern said.
Some of the money will also go towards accelerating the product development and innovation of Device Authority’s recently launched KeyScaler IoT security platform.
“We are seeing an increase in partners and customers who are making [IoT security] a critical part of the planning and development phase of a product, rather than an afterthought,” said Device Authority chief executive Darron Antill.
Tern raised the cash through a placing a couple of weeks ago and was the lead investor in this £2.5mln funding round.
All the other existing ‘A Preference’ shareholders – including Alsop Louie Partners – have taken up their pro-rata share, Tern added.
Device Authority has signed new partnerships in recent months with the likes of Intel, Dell, Digicert and Cumulocity.
It was acquired by Tern back in 2014 and was previously Cryptosoft.