Tern updates on Device Authority

Tern has invested £2m in Device Authority Ltd, a specialist in policy and device-driven security for the Internet of Things (IoT), and Gartner Cool Vendor 2016, as the lead investor in a £2.5m funding round.

Alsop Louie Partners and all existing A Preference shareholders have taken up their pro-rata share.

Following this fund raising Tern now owns 56.9% of the issued capital of Device Authority Ltd 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.

In addition, Device Authority will expand its development team to accelerate product development and innovation in its recently launched KeyScaler(TM) IoT security platform.

At 9:31am: (LON:TERN) Tern Plc share price was +0.13p at 7.5p