Aussie security ISV Devicie raises $14 million Series A round

Sydney-headquartered, end-user security device management software company Devicie has raised $14 million in a series A round.

The capital injection was led by New York-based private equity firm Insight Partners with further participation from Australian security services company CyberCX.

The company said in a release that the funding boost would support customer expansion for its Microsoft Intune-based, Software-as-a-service offering across the US, UK and EMEA.

Devicie also said it would also enable the company to employ more remote workers and double its team over the next year, which currently sits at less than 50 employees.

“We are delighted to receive this funding from Insight Partners and CyberCX,” said Devicie co-founder and chief executive officer Martin McGregor.

“Currently 90 percent of cyber-attacks occur through employees’ devices….With the increased focus on compliance and critical industries, device management remains one of the most commonly exploited vulnerabilities for organisations globally,” McGregor added.

“Using automation, we support IT teams to rapidly uplift their security maturity in a way that enables employee productivity and operational efficiency for the entire business,”

CyberCX chief executive officer John Paitaridis said the company invested in Devicie because it was “an exceptional product, attuned to the needs of the market.”

“As the region’s leading cyber security services provider, CyberCX is committed to backing innovative Australian cyber security technology companies like Devicie to grow, accelerate and blaze a trail into overseas markets.”

Insight Partners principal Philine Huizing, commenting on the funding round said, “we look forward to working with the Devicie team as they continue to expand and scale up.”

“With the heightened risk of cyber-attacks from global bad actors seeking to exploit current tensions, Devicie is a mission-critical solution across enterprises and managed service providers.”

The funding boost follows the independent software vendor recently securing $1.3 million in seed funding from angel investors and cyber security venture accelerator program CyRise.

Funded by NTT and Deakin University, CyRise focuses on early-stage cyber security start-ups in the Asia-Pacific region. It offers entrants to its program $50,000 as part of a capped SAFE note, in addition to mentoring and a corporate partner network.

Devicie has won contracts with clients such as PointsBet, John Holland and Nine Network, and partnered with Microsoft, CyberCX, Crayon, Somerville Group and VITCS.