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Device Cybersecurity Management Startup Raises $14M Series A for Global Expansion

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Sydney-based Devicie has raised $14 million in a Series A to expand offshore with its end-user security management software.

The round was led by New York VC giant Insight Partners, which backed Australian cybersecurity service provider CyberCX. Devicie has previously raised $1.3 million in Seed capital from angel investors and the cybersecurity venture accelerator program CyRise.

The new capital is earmarked for global expansion, including the US and UK, in addition to doubling the size of the team over the next year.

Devicie’s Software-as-a-Service product manages hundreds of security checks and automates ongoing application and software updates for end-user devices in a large enterprise. Not keeping software up-to-date on employees’ devices is now one of the biggest cybersecurity threats to a company and a leading cause of increasing ransomware attacks.

Co-founder and CEO Martin McGregor said this means IT teams can regain control and visibility over device security without the otherwise time-consuming and expensive manual configurations and updates they would have to make.

“Currently, 90% of cyber-attacks take place through employees’ devices. Our mission is to make layered security on end-user devices effortless for IT teams so they can provide a great work experience for their organization,” 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 organizations and their people create a secure technology environment no matter where they work. With the increased focus on compliance and critical industries, device management remains one of the most exploited vulnerabilities for organizations worldwide.”

Devicie’s clients include PointsBet, John Holland and Nine Network, in addition to partners such as Microsoft, CyberCX, Crayon, Somerville Group and VITCS.

Philine Huizing, head of Insight Partners, said Devicie has taken a new approach to end-user device management.

“With the increased risk of cyber-attacks from global adversaries seeking to exploit current tensions, Devicie is a mission-critical solution for enterprises and managed service providers,” he said.

CyberCX CEO John Paitaridis said: “The Devicie team has developed an exceptional product, tailored to the needs of the market and with the potential to vastly improve cybersecurity outcomes for customers around the world”.

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