Tern Share News (TERN)

(ShareCast News) - Cloud and internet of things specialist Tern announced on Wednesday that it has invested £2m in Device Authority, as the lead investor in a £2.5m funding round.The AIM-traded firm described Device Authority as a "global leader" in policy and device-driven security for the internet of things.It said Alsop Louie Partners and all existing A Preference shareholders took up their pro-rata share.Following this fund raising Tern now owns 56.9% of the issued capital of Device Authority and 50.6% of the A preference shares.The funding will be used to expand Device Authority's sales and marketing teams to respond to their new and growing go to market partnerships and to meet the increased demand in the Industrial and Healthcare IoT markets.Device Authority will also expand its development team to accelerate product development and innovation in its recently launched KeyScaler IoT security platform, Tern explained."Over recent months we have been delighted to sign up new partnerships with Intel, Dell, DigiCert and Cumulocity, all of which are highlighting that IoT security is becoming a bigger concern and one that needs to be addressed now," said Device Authority CEO Darron Antill."We are seeing an increase in partners and customers who are making this a critical part of the planning and development phase of a product, rather than an afterthought."