Blockchain Startup Xage Security Raises $12M USD In Series A Fundingbr>
Blockchain startup Xage Security has raised $12 million in its Series A funding round. The round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
Xage Security is a blockchain-protected security platform for the Industrial Internet of Things (IIOT). It creates the essential trusted foundation for secure interactions between machines, people, and data, and distributes authentication and private data across the network of devices. As a result, it creates a tamper-proof “fabric” for communication, authentication and trust that ensures security at scale.
At present, Xage is working with companies like NTT Communications, GE Renewables, and GlobaLogix to reshape and improve international industries and critical infrastructure with secure IoT technology. The new funding will help Xage to improve and expand the scope of its technology as the company supports innovations such as decentralized energy production, 5G networking, and smart cities.
“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.”
The company’s partnership with GE Ventures and March Capital will also help Xage extend its security solution and enable IIoT deployments that advance industrial and service provider efficiency and operations globally.
“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.”
“For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations,” said Abhishek Shukla of 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.”