- Xage recently announced that it had raised $ 30 million in Series B funding. Those are the details.
Xage – the zero trust security company – today announced a Series B valued at $ 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.
Piva led the round and Momenta, Valor Equity Partners and OurCrowd as well as the existing investors March Capital, City Light Capital, Saints Capital and Saudi Aramco Energy Ventures are also involved. Mark Gudiksen, Managing Partner at Piva, and Michael Dolbec, Managing Partner at Momenta, will join the board. The latest round of funding brings Xage’s total funding to $ 54 million raised to date.
Real-world security solutions focus on transparency and threat detection. But after the 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. And the wave of zero trust has not only focused on network visibility and threat detection, but also on blocking hackers and preventing them from getting their way.
The effect of the Xage Fabric can be very transformative. For example, Xage helps the US Air Force enable secure data exchange so that maintenance teams can digitize manual processes and increase efficiency. And 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.
In just a few months, Xage has significantly accelerated the adoption of Zero Trust for critical real-world operations. And Xage delivered more deployments in the fourth quarter of 2021 than in all of 2020. Plus partners like 1898 & Co, part of Burns & McDonnell, and Iron Bow joined Xage in 2021 to help their own customers digitize more securely . Xage’s partner count for 2021 is up 500% from 2020, and partner revenue is up more than 1000%.
Xage is known as the first and only zero trust security company in the real world. And the Xage Fabric accelerates and simplifies the way companies secure, manage and transform digital operations in OT, IT and the cloud. Xage solutions include Identity & Access Management (IAM), remote access and dynamic data security, all of which are based on Xage Fabric.
“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. 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 space, 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. “
– Duncan Greatwood, CEO of Xage
“Cybersecurity is critical to the future of industry and energy. Xage has proven that it can provide these sectors with a zero trust approach, helping 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. “
– Mark Gudiksen, Managing Partner at Piva Capital
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