Start-up secures $12m to expand blockchain-based IoT security
July 26, 2018
Silicon Valley start-up Xage Security has closed a $12m series A funding round to expand its IoT blockchain-based security offering worldwide.
The round was led by March Capital Partners, with participation from GE Ventures, City Light Capital and NexStar Partners.
The blockchain-protected security fabric for the IoT creates a decentralised security layer to facilitate autonomous communications and establish trust at scale. The company will use this funding to develop its security fabric for edge IoT networks and national infrastructure, bolster its technology team, and strengthen its implementation capabilities for industries including energy, telecoms, utilities, building management and manufacturing.
“For industrial IoT technologies to successfully take hold, we need to deepen and broaden the integration of comprehensive cyber security 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 foundational security that enables industrial innovation.”
The company is working with companies such as 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 decentralised 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 tamper-proofing technology, using digital fingerprinting, to extend tamper proofing across IIoT operations, industrial controllers and devices. With the increasing frequency and consequence of cyber attacks on mission critical systems, the impetus to protect industrial organisations and national infrastructure has increased.
“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.”
Abhishek Shukla of GE Ventures added: "For industries to benefit from the IoT revolution, organisations need to fully connect and protect their operations. 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 says it is dedicated to making positive social and environmental impact, with interests in improving critical infrastructure, organisational 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 and enable IIoT deployments that advance industrial and service provider efficiency and operations globally.
The Xage Security suite creates the trusted foundation for secure interactions between machines, people and data. Advancing beyond traditional security models, it distributes authentication and private data across the network of devices, creating a tamper-proof fabric for communications, authentication and trust that ensures security at scale. It supports any-to-any communications, secures access to existing industrial systems, underpins continuous edge-computing operations even in the face of irregular connectivity, and gets stronger with every device added to the network. Users include industries such as energy, utilities, transportation and manufacturing.
March Capital Partners is a Santa Monica-based venture capital firm with one of the largest global funds in southern California. Founded by industry veterans with more than 50 years of investing experience, it has active investments in early and late-stage companies in mobile, enterprise, infrastructure, gaming and other growth industries.