Xage Security, a Palo Alto, CA-based blockchain-protected security platform for IIOT, received an approx. $4m investment.
A $3m investment coming from Saudi Aramco Energy Ventures (SAEV), and additional backing from other investors are an addition to the company’s Series A round. This brings the total round size to over $16M.
The funding will drive Xage’s continued growth in the energy sector, enabling distributed IIOT deployments across oil and gas, renewables, water, wind, and more.
Led by CEO Duncan Greatwood, Xage Security provides a blockchain-protected security platform for the Industrial Internet of Things (IIOT). Advancing beyond traditional security models, the platform distributes authentication and private data across the network of devices, supporting any-to-any communication, securing access to existing industrial systems, underpinning continuous edge-computing operations even in the face of irregular connectivity, and getting stronger with every device added to the network.
Customers include leaders in the largest industries, spanning energy, utilities, transportation and manufacturing.
Xage also added Norman Thorlakson to its leadership team as SVP of Sales and Business Development. He will lead expansion of the company’s portfolio of customers – including organizations across industries such as manufacturing, oil and gas, telecommunications, transportation, and utilities – activating IIOT networks with distributed and connected devices.