Xage Security, a blockchain security platform provider for the Industrial Internet of Things (IIoT), has raised $12 million in a series A funding round which would be utilised to further develop its security fabric for edge IIoT networks and essential national infrastructure.
The funds will help bolster its tech team and fortify its implementation capabilities and expand the scope of its technology, as Xage supports innovations such as decentralised energy production, 5G networking, and smart cities.
Xage is currently working with companies like NTT Communications, GE Renewables, and GlobaLogix to reform international industries and critical infrastructure with secure IoT technology. Duncan Greatwood, CEO of Xage Security, says: “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 funding round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
In addition, Xage Security recently used digital fingerprinting to introduce a systemic tamperproofing technology to extend tamperproofing across IIoT operations, industrial controllers, and devices for the first time.
Many tech firms dealing in IoT receive funding from a range of investors. For instance, Washington-based DigitalTown Inc., which provides platform for hosted smart city management, received $2.4 million from venture capital firm Pithia. DigitalTown is said to be the first public company to fully adopt blockchain, mainly the third-generation blockchain RChain. Moreover, the company is entering into a partnership with lifeID, a Pithia portfolio firm, to reinforce its identity management platform development. Both the parties are now working hand-in-hand to offer self-sovereign identity capability at zero-charge to all everyone on the globe.