xage Secures $30M Series B Funding for Critical Infrastructure Security

Xage Secures $30 Million in Series B Funding

Xage, a company focused on bolstering the security of critical infrastructure – encompassing sectors like oil and gas pipelines, water distribution, and electrical grids – has announced the successful completion of a $30 million Series B funding round.

This investment was spearheaded by Piva, with significant participation from Momenta, Valor Equity Partners, and OurCrowd.

Existing investors, including March Capital, City Light Capital, Saints Capital, and Saudi Aramco Energy Ventures, also contributed to this round, bringing the company’s total funding to $54 million.

Addressing Security Challenges in Industrial Infrastructure

Xage tackles the inherent security vulnerabilities often found in industrial infrastructure. These systems frequently rely on legacy technologies and possess security measures that are susceptible to compromise.

The company’s solution is designed as a contemporary security layer, referred to as a “fabric,” which operates above existing systems, as explained by CEO Duncan Greatwood.

“This fabric is essentially a network of software nodes that provides precise control over all digital interactions.

It delivers zero trust protection across operations, IT, and cloud environments, supporting both cybersecurity enhancements and digital transformation initiatives,” Greatwood stated.

Leveraging Distributed Ledger Technology

The Xage solution utilizes digital ledger technology, structured in nodes on a blockchain, to minimize the potential damage from security breaches.

Compromising a limited number of nodes would not jeopardize the entire network’s integrity.

Importantly, Xage’s adoption of this technology predates the surge in blockchain interest associated with web3 in 2021; it has been a core component of their access control mechanisms since the company’s inception.

“The distributed ledger remains a vital element of our software architecture.

It’s instrumental in achieving the single point of failure resilience within the Xage fabric, which is crucial for safeguarding these vulnerable operational environments,” Greatwood elaborated.

Increased Demand Driven by Recent Events

Over the past year, Greatwood noted a growing acceptance of solutions like Xage.

This shift is largely attributed to the escalating frequency of ransomware attacks and the tightening of government regulations concerning critical infrastructure protection.

The attack on a Florida water supply system last year further underscored the urgency of these security concerns.

These factors, coupled with an expanding partner network, have significantly increased interest in Xage, necessitating additional funding to support staffing and deployment efforts.

“Even with strong partnerships in place, we require additional personnel to facilitate rollout and support both customer onboarding and deployments,” he explained.

Growth and Commitment to Diversity

Currently, Xage employs over 40 individuals, a number that is rapidly increasing.

The company anticipates reaching a headcount of 90 or more by the end of 2022.

Greatwood emphasized the company’s longstanding commitment to diversity and inclusion.

He highlighted the importance of looking beyond traditional recruitment sources, such as MIT and Stanford, to identify promising talent.

“We consistently discover exceptional candidates with significant potential from less conventional backgrounds.

We then invest in their growth and help them realize their full capabilities.

Often, this approach is key to attracting recruits from diverse backgrounds,” he said.

Fostering an Inclusive Workplace

Creating a welcoming and inclusive company culture is also a priority.

Greatwood and his team actively focus on fostering a collaborative and supportive work environment.

“We dedicate time to discussing how we work together, extending beyond daily tasks to ensure everyone feels included and supported as they develop within Xage.

Recruiting a diverse workforce is the first step, and enabling that workforce to thrive is the second,” he stated.