Xage Security, a Palo Alto, CA-based blockchain-protected security fabric for the Industrial Internet of Things (IIoT), raised $12m in Series A funding.
The round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
The company intends to use the funds 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.
Led by Duncan Greatwood, CEO, Xage provides a blockchain-protected security fabric for the Industrial Internet of Things (IIoT), which creates a decentralized security layer to distribute authentication and private data across the network of devices, creating a tamper-proof “fabric” for communication, authentication and trust that ensures security at scale.
Customers include leaders in the largest industries, spanning energy, utilities, transportation and manufacturing.