Xage Security, a US-based developer decentralised security software for the internet of things (IoT), has secured $12m in series A funding from investors including power and industrial technology producer General Electric.
The corporate, which participated through its GE Ventures unit, was joined by venture capital firm March Capital Partners, which led the round, City Light Capital and NexStar Partners.
Xage has created a blockchain-based platform that secures IoT systems by spreading authentication and private data across a network of different devices. The funding will be used to further develop its core product and hire new members for its technology team.
Abhishek Shukla, managing director at GE Ventures, said: “For industries to benefit from the IoT revolution, organisations need to fully connect and protect their operations.
“Xage is enabling the adoption of these cutting edge technologies across energy, transportation, telecom and other global industries. We are excited to support Xage’s innovative approach.”