Series A Funding of $12M raised by Xage Security

By StartUp City | Thursday, July 26, 2018

Xage Security, a blockchain protected security fabric for the Industrial Internet of Things (IIoT) that is based in Palo Alto, CA, raised $12M in Series A funding in a round that was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStart Partners.

Xage, led by Duncan Greatwood, CEO, provides security fabric for the Industrial Internet of Things which because protected by blockchain creates a decentralized security layer that distributes authentication and data across the network or devices, thus creating a damage-proof "fabric" that ensures security for communication, authentication and trust.

The company plans to use the funds to develop its security fabric further for edge IIoT networks and essential national infrastructure, to boost their technology team and strengthen their capabilities for implementation in the industries which include telecom, management, manufacturing, building, energy and utilities.