Xage Security, a blockchain-based security solution for industrial IoT, has netted $12m in its Series A round of funding.
Funding to the round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners.
California-based Xage Security is a blockchain-protected security system, creating a decentralised security layer to facilitate autonomous communication and build trust. Launched in 2017, the company provides distributing identity and authentication solutions to protect industrial operations from cyber-attacks.
Through the technology, clients can take advantage of digital fingerprinting to help protect a business from tampering across operations and to monitor device life-cycles.
Its security software is currently used in energy, transportation, e-commerce, utilities, building management, manufacturing, and healthcare, among others. The company works alongside companies such as NTT Communications, GE Renewables, and GlobaLogix to help innovate and reshape international industries.
This line of funding will be used to support the development of its security system for edge IIoT networks and other national infrastructure. Capital will also be put towards increasing its technology ream and boosting the capabilities for industries including, telecom, utilities, building management and energy.
Xage Security CEO Duncan Greatwood said, ?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.p>
FinTech Global reported last month that March Capital Partners has pulled in up to $215m across a pair of new fundraises. March Capital Partners Fund II has raised just over $108m from 34 LPs, while March Capital Opportunity Fund II has collected $107m from 33 LPs.
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