As the next wave of cybersecurity emerges, investors are helping Xage secure and transform operations, IT, and cloud environments
Xage, the zero trust security company, today announced a Series B valuation of $ 30 million, accelerating its efforts to make zero trust the dominant real-world security strategy. The rapid growth in cyber attacks and Gartner’s recent recognition of cybersecurity mesh as a top strategic technology trend two years in a row have resulted in a surge in demand for security solutions that provide granular, identity-based controls overlaying operational, IT and cloud systems. In the wake of these activities, Xage’s web-protected fabric has drawn the attention of investors driving the next wave of cybersecurity innovations.
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Piva, a San Francisco-based venture capital firm that invests in visionary entrepreneurs who use breakthrough technology to solve critical industrial challenges, leads the way. Momenta, Valor Equity Partners and OurCrowd as well as existing investors March Capital, City Light Capital, Saints Capital and Saudi Aramco Energy Ventures are also participating. Mark Gudiksen, Managing Partner at Piva, and Michael Dolbec, Managing Partner at Momenta, will join the board. The latest round brings Xage’s total funding to $ 54 million raised so far.
Until recently, real-world security solutions focused on transparency and threat detection. But after hacks in the Colonial Pipeline, JBS, Kaseya, Brenntag, Copel, Toshiba, Oldsmar, and dozens of others, as well as a slew of federal regulations, a new wave of operational cybersecurity is emerging – the zero trust wave isn’t just focusing on network transparency and threat detection , but also to blocking and preventing hackers.
“A zero trust security strategy – the modern alternative to perimeter-based security – is known to be the most effective approach to stop 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, ”said Duncan Greatwood, CEO of Xage. “While Zero Trust can be difficult to achieve, especially in operating environments with a mix of legacy and modern assets, Xage Fabric was designed with this complexity in mind. It brings zero confidence to operations in aerospace, e-commerce logistics, energy, utilities, transportation, and beyond. With a Series B in our luggage, we are now equipped to expand our reach and further protect the world’s most important assets and operations. “
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The effect of the Xage Fabric can be transformative. For example, Xage supports the US Air Force in securely exchanging data so that maintenance teams can digitize manual processes and increase efficiency. Xage has partnered with renewable energy companies to ensure secure access to data so they can predict the most efficient energy mix. Xage also helps utilities safely use machine learning to optimize network balancing, which reduces costs and energy consumption.
“Cybersecurity is critical to the future of industry and energy,” said Mark Gudiksen, Managing Partner at Piva Capital. “Xage has proven that it can bring a zero trust approach to these sectors and help customers not only bypass devastating attacks, but also digitize operations while staying secure. As a new member of the Xage board of directors, I’d like to help build the company’s presence in the industrial sector and beyond. We have only just begun to see the impact of Xage’s technology. “
In the past few months, Xage has accelerated the adoption of Zero Trust for critical real-world operations. Xage delivered more deployments in the fourth quarter of 2021 than it did in all of 2020. In addition, partners such as 1898 & Co, part of Burns & McDonnell, and Iron Bow, joined Xage in 2021 to help their own customers secure digitization help. Xage’s partner count for 2021 is up 500% from 2020, and partner revenue is up more than 1000%.
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