The 126 year old company, General Electric (GE) is a participant of $12million Series A fundraising round for a blockchain-based cybersecurity startup called Xage. The startup is completely rely on Internet of Things (IoT) as well as provides cutting edge security protocols in the sector of cybersecurity.
@xageinc, the blockchain-protected cybersecurity company, raises $12M Series A funding round from @MarchCPs, @GE_Ventures, @citylightcap, and @nexstarpartners to help secure industrial IoT. https://t.co/jDsRvUlkI0. #security #cybersecurity #IoT
— Xage Security (@xageinc) July 23, 2018
In addition, along with GE, the other investors who are also participants on fundraising rounds are City Light Capital, Capital Partners and NexStar Partners. However, concerning over the present fundraising round, the Xage’s valuation was at over $35 million. Moreover, the approach results due to an increase in frequency of cyber-attacks.
Abhishek Shukla, GE Ventures’ managing director of investing said;
“For industries to benefit from the IoT revolution, organizations 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”.
Moreover, the Xage’s technology makes a distributed network that is capable to authenticate the digital fingerprint of each machine. Likewise, the systems are detected by didtributed network and thus avoid attacks from spreading via a centralized network. Subsequently, it also seems to be difficult to provide best cybersecurity as the machines are initiated from different manufactures.
On the other hand, General Electric (GE), the company is also actively exploring blockchain technology, i.e. GE Global Research. This division is enhancing the ways to study blockchain tech to connect customers with producers of renewable electricity. It also allows use cryptocurrenices while they make a purchase.
Image Source: General Electric