Xage Security raises $12 million to take blockchain security to Industrial Internet of Things

Xage Security, a blockchain security platform provider for the Industrial Internet of Things (IIoT), has raised $12 million in a series A funding round which would be utilised to further develop its security fabric for edge IIoT networks and essential national infrastructure. The funds will help bolster its tech team and fortify its implementation capabilities and expand the scope of its technology, as Xage supports innovations such as decentralised energy production, 5G networking, and smart cities. Xage is currently working with companies like NTT Communications, GE Renewables, and GlobaLogix to reform international industries and critical infrastructure with secure IoT technology. Duncan Greatwood, CEO of Xage Security, says: “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. With this support, we will continue developing and implementing a foundational security solution that enables industrial innovation.”