Xage snags $30M Series B to help secure critical infrastructure – TechCrunch

Xage (pronounced Zage) is a startup company that works to keep critical infrastructure such as oil and gas pipelines, water supply, and electrical networks running securely. Today the company announced a $30 million series.

Piva led the round with the participation of Momenta, Valor Equity Partners and OurCrowd, along with existing investors March Capital, City Light Capital, Saints Capital and Saudi Aramco Energy Ventures. The startup said it has raised $54 million so far.

Xage uses a range of complex technologies to help keep critical infrastructure secure. Industrial infrastructure tends to be older and relies on somewhat fragile security. CEO Duncan Greatwood said the Xage was designed as a modern layer on top of that, which the company refers to as canvas.

“The fabric is a network of software nodes that span the process to provide precise control over every digital interaction. It provides mistrust protection that spans processes, IT, and the cloud, supporting both cybersecurity and digital transformation.”

The solution uses digital ledger technology organized into nodes on the blockchain to reduce the impact of the attack, so that controlling one or two nodes does not compromise the entire network. But the company not only jumped on the blockchain bandwagon with the growing popularity of web3 in 2021. It has used this technology as a means of access control since its early days.

“The distributed ledger continues to be an important part of our software package. It’s part of how we’ve achieved not a single point of failure in the Xage fabric, which is very important to protect these exposed operational situations,” Greatwood told me.

Over the past year, he said, companies have begun to access a solution like Xage, spurred by the increase in ransomware attacks and growing government regulations around critical infrastructure. This was also prompted by the attack last year on a water source in Florida.

These factors, along with an increase in its partner network, have led to an increased interest in Xage, which has led to the need to seek additional funds to increase the number of employees. “Even with the right partners, which we have now, we still need staff to help support all of this rollout and the work we do, whether it’s bringing in customers or the deployments as well,” he said.

Today, the company has more than 40 employees, a number he said is increasing every week. Greatwood expects to be close to 90 or more by the end of 2022. Since its early days, he said, diversity and inclusion have been a top priority for the company. While it’s easy to glimpse obvious places like MIT and Stanford for new hires, he said the key is to search beyond that pool to find hidden gems.

“What we’ve found is we’ve found superstars and high-potential people with less obvious backgrounds than their resumes, and we kind of develop them and help them realize their potential. Often, frankly, that’s the key to finding the right recruits who come from all kinds of backgrounds. And diverse and different situations,” he said.

The other key is creating a welcoming culture, and he and his team are consciously working to create a collaborative, collaborative and welcoming workplace.

“We spend time with the team talking about how we work together, and this goes beyond just the task-oriented work of the day, making sure everyone is engaged and supported as they develop in Xage. Step one is hiring a diverse workforce, and step two is empowering a diverse workforce to success “.

The company intends to take a hybrid approach to business as it enters 2022, with some people in the office and some remotely fully or partially, depending on their needs, but he believes some businesses sometimes require people to be together in the same room to build software in this complex.

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