Xage Security Raises $20M to Strengthen Cyber Security

Xage Security, a cybersecurity startup specializing in safeguarding IoT and operational technology, raises $20 million in a recent funding round, bringing its total funding to $80 million. Led by Piva Capital and including March Capital and SCF Partners, the funding will be utilized for R&D and market expansion, with a focus on the Asia Pacific region.

Despite economic uncertainties, Xage sees increased demand for its cybersecurity solutions due to rising attacks on critical infrastructure. The company, co-founded in 2016, aims to deliver zero-trust security solutions for distributed operations, addressing the growing threat environment and the needs of remote business operations.

Xage's cybersecurity platform, installed on-premises or as software-as-a-service, focuses on securing IoT devices and operational technology without network modifications. The startup has gained notable clients, including contracts with the US Air Force and Space Force, experiencing substantial revenue and booking growth in the first half of 2023.

Geoffrey Mattson, Xage's CEO, highlights the significance of information and data security in ongoing operations, noting a surge in demand as businesses increasingly recognize the importance of cybersecurity in the face of evolving threats.