Xage, a zero-trust security company, has collected $30m in its Series B funding round.
The investment was led by Piva, a San Francisco-based venture capital firm that backs entrepreneurs solving critical industrial challenges. Other backers to the round include Momenta, Valor Equity Partners and OurCrowd.
Existing Xage investors, March Capital, City Light Capital, Saints Capital, and Saudi Aramco Energy Ventures, also joined the round.
As part of the deal, Piva managing partner Mark Gudiksen and Momenta managing partner Michael Dolbec will join the Xage board of directors.
With the capital injection, the company is looking to expand its reach and bolster its protection efforts.
This investment round comes after a strong couple of months of growth. Xage delivered more deployments in Q4 2021 than in the entirety of 2020. Its partner count increased 500% over 2020 and partner revenue increased by over 1,000%.
Xage claims existing security solutions are failing. They have been focused on visibility and threat detection, but attacks on the Colonial Pipeline, JBS, Kaseya, Brenntag, Copel, Toshiba and many others, and new regulations, has increased the need for zero-trust security. These types of solutions focus on network. Visibility and threat detection, as well as blocking hackers and preventing them getting access.
Xage CEO Duncan Greatwood said, “A zero trust security strategy—the modern alternative to perimeter-based security—is known to be the most effective approach to stopping hacking attempts at the source; it could have prevented the ransomware attacks we saw on the Colonial Pipeline, JBS, and hundreds of other hacks this year.
“While zero-trust can be difficult to achieve, particularly in operational environments with a mix of legacy and modern assets, the Xage Fabric was engineered with this complexity in mind. It’s bringing zero trust to operations in space, e-commerce logistics, energy, utilities, transportation, and beyond.”
The CyberTech company’s flagship solution accelerates and simplifies the way enterprises secure, manage and transform digital operations across OT, IT and cloud. Xage solutions include identity and access management, remote access and dynamic data security.
With the close of the round, Xage has raised a total of $54m in funding.
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