The funding round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners. The company says it plans to use the funding 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.
"For IIoT technologies to successfully take hold, we need to deepen and broaden the integration of comprehensive cybersecurity within industrial systems," says 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."
Xage is currently working with companies like NTT Communications, GE Renewables, and GlobaLogix. The latest investment, says the company, will enable it 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.
"For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations," says 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."
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