General Electric (GE) Invests in Blockchain Cybersecurity Startup
The venture capital arm of industrial conglomerate General Electric (GE) is one of the participants in a $12 million Series A fundraising round for Xage, a cybersecurity startup.
The firm uses blockchain technology in securely linking industrial Internet of Things (IoT) devices. Other investors in the fundraising round, which is being led by March Capital Partners, are City Light Capital and NexStar Partners.
Before the ongoing fundraising round, the valuation of Xage stood at around $35 million. The fundraising round comes at a time when there is an increasing frequency of cyber-attacks.
GE Ventures’ managing director of investing, Abhishek Shukla, in a statement 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,”