Device bags $14m Series A for global expansion
Sydney-based Devicie has raised $14 million in a Series A to expand offshore with its end-user device security management software.
The round was led by New York VC giant Insight Partners, supported Australian cyber security services provider CyberCX. Devicie previously raised $1.3 million in Seed capital from angel investors and the cybersecurity venture accelerator program CyRise.
The fresh capital is earmarked for global expansion, including the US and UK, alongside doubling the size of the team over the next year.
Devicie’s Software-as-a-Service product manages hundreds of security controls and automates ongoing application and software updates for end-user devices in a large company. A failure to keep software updated on employee devices is now one of the biggest threats in a company’s cybersecurity defences, and a leading cause of increasing ransomware attacks.
Cofounder and CEO Martin McGregor said that means IT teams can regain control and visibility over device security without the otherwise time-consuming and costly manual configurations and updates they’d need to make.
“Currently 90% of cyber-attacks occur through employees’ devices. Our mission is to make layered security on end-user devices effortless for IT teams, enabling them to deliver great work experience for their organisation,” he said.
“We are delighted to receive this funding from Insight Partners and CyberCX to accelerate our expansion into the US, UK and EMEA and help organisations and their people create a secure technology environment, regardless of where they work. With the increased focus on compliance and critical industries, device management remains one of the most commonly exploited vulnerabilities for organisations globally.”
Devicie’s customers include PointsBet, John Holland and Nine Network, alongside partners including Microsoft, CyberCX, Crayon, Somerville Group and VITCS.
Insight Partners principal Philine Huizing said Devicie has taken a novel approach to end-user device management.
“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,” she said.
CyberCX CEO John Paitaridis said: “The Devicie team have developed an exceptional product, attuned to the needs of the market and with the potential to vastly improve cyber security outcomes for customers across the globe”.
You can also watch the interview with Devicie Co-founder and CEO Martin McGregor on AusBiz TV (skip to 28.30).