Monday, July 23, 2018

Xage Security Gets $12M In Funding For Blockchain, IoT Security

Palo Alto-based Xage Security, a new startup focused on industrial internet-of-things (IoT) security, said this morning that it raised $12M in a Series A funding round. The round was led by March Capital Partners, and also included GE Ventures, City Light Capital, and NexStar Partners. Xage says it is using the blockchain to protect the security of industrial internet-of-things networks. The company is targeting the energy, telecom, utilities, building management, and manufacturing with its product. Xage's CEO is Duncan Greatwood, previously at Apple and also former CEO of Topsy (acquired by Apple) and PostPath. The company's co-founders are Susanto Irwan (Shape Security, Arxan Technologies) and Roman Arutyunov (ABB, Tropos Networks, and Mimosa Networks). The company said the funds go to further develop its security fabric.