Xage (pronounced Zage), a blockchain safety startup primarily based in Silicon Valley, introduced a $12 million Sequence A funding at this time led by March Capital Companions. GE Ventures, Metropolis Mild Capital and NexStar Companions additionally participated.
The corporate emerged from stealth in December with a novel concept to safe the myriad of gadgets within the industrial web of issues on the blockchain. Right here’s how I described it in a December 2017 story:
Xage is constructing a safety cloth for IoT, which takes blockchain and synthesizes it with different capabilities to create a safe atmosphere for gadgets to function. If the blockchain is at its core a belief mechanism, then it may give corporations confidence that their IoT gadgets can’t be compromised. Xage thinks that the blockchain is the right resolution to this downside.
It’s an fascinating method, one which attracted Duncan Greatwood to the corporate. As he informed me in December his earlier profitable exits — Topsy to Apple in 2013 and PostPath to Cisco in 2008 — gave him the liberty to decide on an organization that basically excited him for his subsequent problem.
When he noticed what Xage was doing, he needed to be part of it, and given the unorthodox safety method the corporate has taken, and Greatwood’s pedigree, it couldn’t have been laborious to safe at this time’s funding.
The Industrial Web of Issues shouldn’t be like its client cousin in that it includes getting information from massive industrial gadgets like manufacturing equipment, oil and fuel generators and jet engines. Whereas your complete Web of Issues may certainly profit from an organization that concentrates particularly on holding these gadgets safe, it’s a very acute requirement in trade the place these gadgets are sometimes serving to observe information from key infrastructure.
GE Ventures is the funding arm of GE, however their involvement is especially fascinating as a result of GE has made a big bet on the Industrial Internet of Things. Abhishek Shukla of GE Ventures definitely noticed the connection. “For industries to learn from the IoT revolution, organizations want to totally join and defend their operation. Xage is enabling the adoption of those innovative applied sciences throughout power, transportation, telecom, and different international industries,” Shukla mentioned in an announcement.
The corporate was based simply final 12 months and relies in Palo Alto, California.