London-based ’internet of things’ technology investor Tern PLC on December 23 announced the completion of tranche two of the Device Authority Ltd fundraising.
Device Authority is a Reading, England-based computer and network security company.
Ten Eleven Ventures completed the remaining tranche two of the Device Authority funding of $3.3 million.
Ten Eleven Ventures General Partner David Palmer said: ‘Ten Eleven Ventures are delighted to approve the follow-on funding for Device Authority. We are very pleased with Device Authority’s progress to date and to be on this journey with them.’
Device Authority Chair Tim Eades said: ‘This is another significant milestone for Device Authority and augers well for increasing the sales momentum and accelerating our business model to allow Device Authority to achieve its potential.’
In September, Tern reported that its net asset value per share fell to 2.5 pence each as at June 30, from 5.7p a year prior. In the six months to June 30, pretax loss narrowed slightly to £2.7 million from £2.8 million a year ago. Administrative costs reduced to £595,000 from £1.0 million
Tern shares were down 3.4% at 1.35 pence each on Friday morning in London.
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