XAIN, which develops a cybersecurity protocol to allow control access to data and resources in the IoT, has raised around €6m in Seed funding.
The round was led by Earlybird with participation from international strategic investors, especially from Asia. Following the investment, the startup has appointed Christian Nagel, managing partner at Earlybird, to its supervisory board.
Based in Berlin, XAIN develops a cybersecurity protocol through which machines, devices, and humans can control access to data and resources in the emerging Internet of Things.
This protocol claims to puts owners of resources into full control of their data and devices, and allows them to delegate access to others. Through the use of blockchain, decentralised access control, and machine learning, the approach is resilient to cyber attacks. The protocol can integrate with enterprise systems that manage data and identity, and it facilitates compliance with privacy regulations such as GDPR.
“With a global presence and a lot of experience with scaling startups successfully, Earlybird is an ideal partner as lead investor next to all the strategic Co-Investors for our current stage at XAIN. We’re excited to take the next steps together,” said Felix Hahmann, COO and co-founder of XAIN.
“We’re delighted to have partners on board that provide us not only with capital, but also with vast strategic experience, especially in our market,” added Leif-Nissen Lundbaek, CEO and the other co-founder of XAIN.
With the new capital, XAIN will scale up activities and hire about 10 additional employees, mostly software engineers, until end of 2018, and fully develop and launch their product.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
