Xage Security, a blockchain-protected security platform for the industrial internet of things (IIoT), has raised $12 million (£9 million) to bolster the security of its networks.
The funding will also be used to increase its technology team and strengthen its implementation capabilities for industries such as 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, Chief Executive of Xage Security. “We believe that every industry can be made more efficient and more secure.”
Xage is working with companies like NTT Communications, GE Renewables and GlobaLogix to reshape and improve international industries and critical infrastructure with secure IoT technology. The investment will enable the company to expand the scope of its technology as it supports innovations such as decentralised energy production, 5G networking and smart cities.
The Series A funding round was led by venture capital firm March Capital Partners, with participation from GE Ventures, City Light Capital and NexStar Partners.
“The Xage Security Suite is a pioneering technology that transforms the way we protect and innovate with the new generation of smart, connected infrastructure,” says 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.”
Xage, which launched in December 2017, recently released a systemic tamper-proofing technology, using digital fingerprinting, to extend tamper-proofing across IIoT operations, industrial controllers, and devices for the first time. It claims that with the increasing frequency of cyber-attacks on mission critical systems, the impetus to protect industrial organisations and national infrastructure is greater than ever.
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