Xage, a Silicon Valley based blockchain security startup, announced a US$12 million Series A investment led by March Capital Partners. GE Ventures, City Light Capital and NexStar Partners also participated.
The company came into news in December last year after it announced to secure the myriad of devices in the industrial internet of things on the blockchain.
The first and only blockchain-protected security fabric for the Industrial Internet of Things (IIoT), Xage creates a decentralised security layer to facilitate autonomous communication and establish trust at scale.
Xage intends to use this funding to further develop its security fabric for edge IIoT networks and essential national infrastructure, bolster its technology team, and strengthen its implementation capabilities for industries including 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,” 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 a foundational security solution that enables industrial innovation,” Duncan added.