Xage Security

Xage Security offers the zero trust security platform Xage Fabric to protect critical infrastructures such as energy (renewable, oil and gas pipelines), transportation, utilities, manufacturing, smart cities, and logistics. Xage Security’s mesh-protected Fabric provides zero trust identity, data security, and secure access across OT, IoT, and cloud infrastructure. Xage Fabric is a mesh of software organized in nodes on a blockchain. It uses distributed ledger technology (DLT) to provide granular access control of every digital interaction to limit the impact of cyberattacks. This also prevents the hacker from using any compromised nodes to change policies, access data, or steal passwords. Xage Fabric uses network tunneling techniques to provide secure access to IoT systems. It also allows companies to create a cybersecurity rule dataset and ensures that the rules are enforced even if it is moved to a different system. The company offers identity and access management (IAM), remote access, and dynamic data security solutions, powered by the Xage Fabric.

Xage Security reported YoY revenue growth of 300% and an increase in new customer deployment by 5x across the energy, defense, utilities, manufacturing, and logistics industries in 2021. Xage serves top-five global energy companies and top-five US pipeline operators. Notable customers include US Space Force, US Air Force, Saudi Aramco, Water Resources Recovery Facility, and ComEd. Xage Security helps the US Air Force with secure data sharing and has also partnered with several renewable energy companies to provide secure data access. It has leveraged machine learning to protect the grid balancing data of utility companies. The company’s partner count rose 500% and partner revenue increased by more than 1,000% over 2020. Xage generates a significant portion of its business through indirect partners such as 1898 & Co., Iron Bow, Stratus, and Agora. Xage Security reported that two-thirds of its customers are accelerating product rollouts to address rising cybersecurity risks and to meet federal regulations by the end of 2022. The company also reported that one of its customers intended to roll out the product to nearly 1,000 sites over a period of 12–18 months.

In January 2022, the company raised USD 30 million in a Series B funding round led by Piva. The funds were expected to be utilized to increase its customer base, develop new product capabilities, increase its headcount of 45 by 90 in 2022, and scale its growth significantly. The company secured a USD 6 million extension to its Series B funding round from the venture arm of SCF Partners and Overture Climate Fund in May 2022. The funds were expected to be used to develop new product features, support growing demand, and expand its go-to-market operations.