Blockchain startup Xage Security raises $12 million to expand its blockchain security fabric for industrial IoT
Xage Security, a blockchain startup that offers blockchain-protected security platform for Industrial Internet of Things (IoT), has raised $12 million in a series A funding round to further develop its security fabric for edge IIoT networks and essential national infrastructure, bolster its technology team, and strengthen its implementation capabilities for industries including energy, telecom, utilities, building management, and manufacturing. The latest funding was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
Founded in 2017 by Roman Arutyunov and Susanto Irwan, the Palo Alto, California-based Xage is the provider of the first and only blockchain-protected security fabric for the Industrial Internet of Things (IIoT). Xage creates a decentralized security layer to facilitate autonomous communication and establish trust at scale.
The Xage Security Suite is the first and only blockchain-protected security platform for the Industrial Internet of Things (IIOT). Xage creates the essential trusted foundation for secure interactions between machines, people, and data. Advancing beyond traditional security models, Xage distributes authentication and private data across the network of devices, creating a tamper-proof “fabric” for communication, authentication and trust that ensures security at scale. Xage supports any-to-any communication, secures access to existing industrial systems, underpins continuous edge-computing operations even in the face of irregular connectivity, and gets stronger and stronger with every device added to the network. Xage customers include leaders in the largest industries, spanning energy, utilities, transportation and manufacturing.
“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 is working with companies like NTT Communications, GE Renewables, and GlobaLogix to reshape and improve international industries and critical infrastructure with secure IoT technology. This investment will enable 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.
Xage launched in December 2017 with the release of its foundational security fabric, distributing identity and authentication for industrial operations at the edge. The company recently released a systemic tamperproofing technology, using digital fingerprinting, to extend tamperproofing across IIoT operations, industrial controllers, and devices for the first time. With the increasing frequency and consequence of cyberattacks on mission critical systems, the impetus to protect industrial organizations and national infrastructure is greater than ever.
“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.”
City Light Capital is dedicated to making positive social and environmental impact, with interests in improving critical infrastructure, organizational efficiency, and public safety. NexStar Partners is a firm devoted to the growth of mobile and wireless innovations that will contribute to the evolving “living network,” including next generation infrastructure and IoT technologies. Together with GE Ventures and March Capital, their support will help Xage extend its security solution and enable IIoT deployments that advance industrial and service provider efficiency and operations globally.