$20M in Additional Funding To Accelerate Go-To-Market and Product Investments
PALO ALTO, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) — Xage Security, the real-world zero trust cybersecurity company, announced it has raised $20 million in an additional funding round, bringing total funding to $80M. Existing investors, including Piva Capital, March Capital, SCF Partners, Overture Climate Fund, Valor Equity Partners and Chevron Technology Ventures, as well as new investor Science Applications International Corporation (NYSE: SAIC) participated in the round. SAIC and Xage also announced today a strategic collaboration (Xage Security and SAIC to Accelerate Zero Trust Adoption in Critical Infrastructure) to deliver zero trust security solutions to critical infrastructure and distributed operations including Operational Technology (OT), Information Technology (IT) and cloud environments.
“Xage is tackling one of our nation’s most urgent challenges – to cyber harden digital systems and critical infrastructure while protecting them against increasingly advanced cyber threats,” said Lauren Knausenberger, chief innovation officer at SAIC. “Xage and SAIC help accelerate the adoption of Zero Trust principles throughout the Federal Government, using Xage’s technology to protect digitally transforming enterprises from cyber-attacks.”
Xage serves enterprises across the critical infrastructure sectors, from energy and manufacturing to healthcare and government. The Xage Cybersecurity Mesh is specifically designed to bring zero trust access management and data security to complex environments without requiring any overhaul or retrofitting of existing physical and digital infrastructure. To support continued innovation and scale, the capital will be used for further R&D investments and to expand Xage’s go-to-market (GTM) operations, which in turn, empower global customers to secure, manage and transform OT, IT, and cloud operations.
“Growing demand for Xage technology is a clear indicator that organizations need a simple and effective means to safeguard complex operations,” said Geoffrey Mattson, chief executive officer of Xage Security. “With these new funds, we are well-positioned to further accelerate our product innovation and global expansion and to protect our customers’ most important assets and resources.”
Following Xage’s Middle East expansion, current global expansion efforts include increased coverage of the Asia Pacific region with the opening of Xage’s new Singapore office. This physical presence supports an expanding APAC customer base for Xage that includes major infrastructure operators.
“When infrastructure operators are forced to defend against escalating cyber threats, including those due to geopolitical tensions and foreign adversaries, Xage has a truly transformative impact on their ability to remain secure,” said Mark Gudiksen, Managing Partner at Piva Capital. “As an investor in Xage, we have seen how imperative its technology is to safeguard against adversarial threats with its differentiated zero trust platform. We’re continuing our investment partnership with Xage as the company deepens its footprint within critical infrastructure sectors, including defense and space.”
Today’s investment news comes on the heels of a $17 Million contract win awarded to Xage by the United States Space Force (USSF) Space Systems Command, as federal adoption of zero trust architectures is gathering speed. Per the contract, Xage will offer zero trust access control and data protection across current and next-generation ground and space architectures.
To learn more about Xage’s suite of zero trust solutions for critical infrastructure protection and how it accelerates cyber defense and secure digital transformation, please visit xage.com.
About Xage Security
Xage is the first and only real-world zero trust cybersecurity company. Xage’s solutions and services accelerate and simplify the way enterprises secure, manage and transform digital operations across OT, IT, and cloud. Xage products include Identity-based access management, remote access, and zero trust data exchange, all powered by the Xage Fabric. Xage also offers Cybersecurity Services, which deliver expert design, implementation, and support services to accelerate the adoption of proactive cyber-defense and underpin secure digital transformation. Visit Xage online at www.xage.com.
Xage PR Contact
xage-security@inkhouse.com
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