Xage, a Blockchain Cybersecurity Startup, will receive $12 million in a series A fundraising round from investors including Capital Partners, City Light Capital, NexStar Partners, and GE Ventures—the investment arm of General Electric.
Xage technology startup which is valued at $35 million, uses blockchain to connect industrial Internet of Things (IoT) devices together securely. According to the company, the Xage Security Suite is the first and only blockchain-protected security platform for the Industrial Internet of Things (IIOT) which is an essential trusted foundation for secure interactions between machines, people, and data.
Xage new Security Suite which operates on a decentralized network is nearly impenetrable to hacking. By embedding a virtual fingerprint on the technology developed for both hardware and networks running the Xage software, cyber attackers have little to no chance of by-passing the technology. With its security suite in place, Xage can authenticate and validate any system almost instantaneously thereby making unauthorized entry near impossible.
The investment round was led by March Capital Partners, a Santa Monica-based venture capital firm with one of the largest global funds in Southern California. The company has various early and late-stage investments in companies who focus on mobile, enterprise, infrastructure, gaming and other growth industries.
GE Ventures’ Managing Director of Investing, Abhishek Shukla, in a statement, said that for industries to fully enjoy the benefits of IIoT revolution, organizations need to fully connect and protect their operations. According to him, “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.”
IIoT technology development and implementation is still in its early stages consequently, Duncan Greatwood, CEO of Xage Security opines that “For IIoT technologies to successfully take hold, we need to deepen and broaden the integration of comprehensive cybersecurity within industrial systems,” He also believes 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.