IoT security startup Xage Security has raised $12 million in a Series A financing round led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
“The Xage Security Suite is a pioneering technology that transforms the way we protect and innovate with the new generation of smart, connected infrastructure,” said Sumant Mandal, Managing Director at March Capital Partners. “March Capital is proud to partner with Xage as they expand their reach and lay the foundation for Industry 4.0.”
We believe that every industry can be made more efficient and more secure.
– Duncan Greatwood, CEO, Xage Security
Xage Security describes itself as “the first and only blockchain-protected security fabric for the Industrial Internet of Things”. Launched in 2017, the company’s platform distributes identity and authentication for industrial operations at the edge, and creates a decentralised layer to facilitate autonomous communication.
“For IIoT technologies to successfully take hold, we need to deepen and broaden the integration of comprehensive cybersecurity within industrial systems,” said Duncan Greatwood, CEO of Xage Security. “We believe that every industry can be made more efficient and more secure. With this support, we will continue developing and implementing a foundational security solution that enables industrial innovation.”
For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations.
– Abhishek Shukla, Managing Director of Investing, GE Ventures
The company recently released a new systemic tamperproofing technology, which uses digital fingerprinting to extend tamperproofing across IIoT operations, devices, and industrial controllers, It intends to use the Series A investment to continue developing its products, as well as to strengthen its implementation capabilities.
Currently, the company is working with orgnanisations including NTT Communications, GE Renewables, and GlobaLogix to secure IoT technology in industry and in critical national infrastructure. As its technology and reach grows, it hopes to expand into decentralized energy production, 5G networking, and smart cities, among other areas.
“For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations,” said Abhishek Shukla, Managing Director of Investing at GE Ventures. “Xage is enabling the adoption of these cutting edge technologies across energy, transportation, telecom, and other global industries. We are excited to support Xage’s innovative approach.”
