Momenta Partners is pleased to announce our investment in Xage, the first and only blockchain-protected security platform for the Industrial Internet of Things. Xage secures and simplifies device management at the Industrial Edge, enabling machine-to-machine and human-machine authentication, secure data sharing, device lifecycle management, and autonomous operation.
In investing in Xage, Momenta Partners is proud to join a stellar investment syndicate including March Capital (lead investor), GE Ventures, Nexstar and Impact Ventures.
Founded in 2016, Xage has developed a blockchain-protected security platform for the IIoT. Its first release was a foundational security fabric, distributing identity and authentication for industrial operations to the edge of the network. The company recently released a systemic, tamper-proofing technology, using digital fingerprinting, to extend the scope of its solution across industrial controllers and devices. With the increasing frequency and consequence of cyberattacks on mission critical systems, the impetus to protect industrial organizations and national infrastructure is greater than ever.
The Xage team is led by Duncan Greatwood, an innovator and entrepreneur with two previous exit companies: Topsy to Apple in 2013 and PostPath to Cisco. Xage services leaders across Connected Industry spanning energy, utilities, transportation and manufacturing, solving the security pain points that have plagued connected industry applications.
Alberto Cresto, Associate Partner with Momenta Ventures, said: “We are excited to support Xage in their journey to securing industrial operations with industry-leading, distributed ledger technology. As practitioners in Connected Industry, we know how crucial security is for industrial corporations. Xage offers the only scalable and distributed infrastructure to secure and manage the industrial edge, which is set to explode in terms of scope and complexity in coming years.”
"Xage's approach to IIoT security is not only meant to protect connected networks from end-to-end, but to empower industrial innovation," said Xage CEO, Duncan Greatwood. "Momenta Ventures is a leader in the development of connected industry, and their support will assist our company as we continue to expand and scale our team and product offering."
The Xage Security Suite is the first and only blockchain-protected security platform for the Industrial Internet of Things (IIOT). Xage creates the essential trusted foundation for secure interactions between machines, people, applications, and data. Advancing beyond traditional security models, Xage distributes authentication and private data across the network of devices, creating a tamper-proof “fabric” for communication, authentication and trust that ensures security at scale. Xage supports any-to-any communication, secures access to existing industrial systems, underpins continuous edge-computing operations even in the face of irregular connectivity, and gets stronger and stronger with every device added to the network. Xage customers include leaders in the largest industries, spanning energy, utilities, transportation and manufacturing.