Total amount raised
$81.2 Millions
Latest funding date
11/01/2023
Location
Xage Security has successfully raised $20 million in funding from SAIC and other investors, with its most recent Series B round closing on November 2, 2023. The company specializes in zero trust cybersecurity solutions for IT, OT, and cloud environments.
Keep reading to explore the intricacies of Xage Security's fundraising journey and the investors backing this innovative platform.
What Is Xage Security?
Xage Security, founded in 2017, is a cybersecurity company based in Palo Alto, California. The company was established by Roman Arutyunov and Susanto Irwan.
Specializing in zero trust cybersecurity solutions, Xage Security serves industries such as blockchain, information technology, and the Internet of Things. The company employs between 101 and 250 people, focusing on protecting identities, workloads, and assets across IT, OT, and cloud environments.
How Much Funding Has Xage Security Raised?
- Series A
- Amount Raised: $21M
- Date: December 2018
- Lead Investors: March Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance zero trust protection for commercial critical infrastructure and expand market reach.
- Series A
- Amount Raised: Not publicly disclosed
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's initial growth and development efforts.
- Series B
- Amount Raised: $20M
- Date: November 2023
- Lead Investors: SAIC, Momenta, Saudi Aramco Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance zero trust protection for commercial critical infrastructure, expand market reach, and launch AI-powered analytics and insight capabilities.
Total Amount Raised: $41M
Current Valuation: Not publicly disclosed
Key Investors
- Piva Capital
- Details: Piva Capital is a venture capital firm that invests in companies transforming the industrial and energy sectors. They focus on supporting innovative technologies that drive efficiency and sustainability.
- Investment Focus Areas: Industrial, energy, sustainability
- Notable Investments: Not publicly disclosed
- March Capital
- Details: March Capital is a venture capital firm that invests in innovative technology companies. They aim to support businesses that are at the forefront of technological advancements.
- Investment Focus Areas: Technology, innovation, growth-stage companies
- Notable Investments: Not publicly disclosed
- SCF Partners
- Details: SCF Partners is a private equity firm focused on building energy services, equipment, and technology companies. They have a long history of investing in the energy sector.
- Investment Focus Areas: Energy services, equipment, technology
- Notable Investments: Not publicly disclosed
- Overture Climate Fund
- Details: Overture Climate Fund is an investment fund focused on climate-related technologies and solutions. They aim to support innovations that address climate change.
- Investment Focus Areas: Climate technology, sustainability, environmental solutions
- Notable Investments: Not publicly disclosed
- Valor Equity Partners
- Details: Valor Equity Partners is a growth investment firm that partners with companies across various sectors. They focus on helping businesses scale and achieve long-term success.
- Investment Focus Areas: Growth-stage companies, technology, consumer products
- Notable Investments: Not publicly disclosed
What's Next for Xage Security?
Xage Security is poised to capitalize on the growing demand for zero trust security solutions, particularly in securing IoT devices and operational technology. With significant contracts from the U.S. Space Force and the U.S. Air Force, and a strategic focus on the Asia Pacific region, the company is well-positioned for substantial growth.
Given the company's impressive revenue and booking growth, future fundraising opportunities seem promising. Xage Security may pursue additional funding rounds or strategic acquisitions to further expand its capabilities and market presence. However, the company will need to navigate mixed tech economic conditions and competition from other cybersecurity firms while adapting to the evolving threat landscape.
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