It uses a Blockchain to enable inviolable communication between infrastructure and devices in the energy, telecommunications, utilities and building management sectors. Xage is also working with GE Renewables to "reshape" the international infrastructure using IoT technology.
In addition, "Xage Gateway" provides "authentication and application", "Xage Broker" synchronizes credentials of connected parties, "Xage Cloud" is a monitoring service, and "Xage Management & Configuration" allows users to control and audit their system. It also allows the detection of possible attacks.
The startup's press release estimates Xage at about $ 35 million before fundraising, adding another $ 12 million.
March Capital Partners, another venture capital startup led the funding round. GE Ventures as well as City Light Capital and NexStar Partners participated in the collection . However, the exact amount of GE Ventures' contribution has not been disclosed.General Electric and other partners will help "extend Xage's security solution and enable deployments of the Industrial Internet of Things that advance the efficiency and business operations of service providers globally," added the press release.
The 126-year-old Boston-based multinational General Electric praised the potential of Blockchain's "industrial big book" in the energy industry last February. GE Transportation has joined Blockchain in Transport Alliance a month later.
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