California-based information technology provider Xage Security has managed to secure $12 million in Series ‘A’ funding round. Xage is currently the only blockchain-protected security fabric for the IIoT (industrial Internet of things). The blockchain will help in detecting anomalies on just one device, preventing hackers from spreading non-separated networks.
The firm has created a decentralized security layer that simplifies autonomous communication which further helps in establishing trust at scale. This funding will be used further to develop additional security fabric for IIoT networks, bolster its technology team, boost up security for essential national infrastructure and to strengthen its implementation capabilities for industries including telecom, energy, building management, utilities, and manufacturing.
The funding round was led by March Capital Patterns with participation from City Light Capital, GE Ventures, and NexStar Partners. Start-up is valued at about $35 million.
Duncan Greatwood, CEO, Xage Security stated “For IIoT technologies to successfully take hold, we need to deepen and broaden the integration of comprehensive cybersecurity within industrial systems. 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 has partnered with NTT communications, GE Renewable, and GlobalLogix for the supplies of oil and gas which will aid in revamping international industries and infrastructure. This investment will enable the company to expand their horizons in the support of such innovative innovations and also help supports innovations such as 5G networking, decentralized energy production, and smart cities campaigns. Xage is tailoring to counter-attack the cyber-attacks caused by the internet to the industrial equipment. According to Greatwood “the advent of the cloud services has created a level exposure that never existed before”. He further said: “Even two years ago most of these facilities were just disconnected from the outside world and the risk was kind of contained”.
Xage launched in December 2017, with the aim of high growth markets, delivering the platform for protecting the Industrial Internet of Things (IIoT). The enterprise is assisting in creating a barrier against the cyber-attacks. Xage also released a systemic tamperproofing technology by making use of digital fingerprinting in order to extend tamperproofing technology across industrial controllers, IIoT operations, and other similar devices for the first time.
Sumant Mandal, Managing Director at March Capital Partners mentioned in a statement that “The Xage Security Suite is a pioneering technology that transforms the way we protect and innovate with the new generation of smart, connected infrastructure,”. He further shared his views on the collaboration with the company by saying his company is proud to partner with Xage as they both are laying the foundation for industry 4.0.