Xage Security, a blockchain security startup, recently raised $4 million investment from Saudi Aramco Energy Ventures (SAEV), a subsidiary of integrated energy and chemicals company Saudi Aramco. The Palo Alto-based start-up stated the new funds will be used to develop the company’s security infrastructure and capabilities of offering services in the energy sector. The company is planning to enable its Industrial Internet of Things (IIOT) deployments across various sectors like oil and gas, renewables, water, and wind.
Xage Security also added Norman Thorlakson as the new Senior Vice President of Sales and Business Development. Founded in December 2017, Xage Security claims to be the only blockchain-protected security fabric for the Industrial Internet of Things (IIoT). The company offers a secured communication medium between machines, people, and data using Xage Security Suite.
“Our mission is to secure all interactions involving industrial networks – whether those are between machines, apps, data, or people – to enable the next wave of connected and improved operations for the global industry,” said Xage Security CEO, Duncan Greatwood. “The support from SAEV is a significant validator for Xage’s solution and its impact on the energy sector, and with the addition of Norman Thorlakson to our executive team, we are extending our reach, and supporting the benefits of IIOT and industrial automation.”
“SAEV invests in technologies and companies that represent the future of energy, and as operational networks become more connected, there’s an opportunity to improve asset management, production, and efficiency,” said Jim Sledzik of SAEV. “Xage has developed an innovative approach to distributed interactions and industrial security for IIOT, and we are proud to partner with them, as they continue to grow and contribute to the evolution of the energy sector.”