Security platform Xage Security raises $20M

In 2022, cybersecurity funding deals reached a record high, and 2023 promises even more robust activity. In Q2 2023, there were 148 cybersecurity deals racking up a hefty $1.6 billion. Enter Xage Security.

• Emerging Players: Xage Security, a startup dedicated to preventing network intrusions, recently raised $20M in a B2 funding round. This brings their total funding to $80M.

• Significant Investor Interest: Financial backing came from names such as Piva Capital, March Capital, SCF Partners, Overture Climate Fund, Valor Equity Partners, Chevron Technology Ventures, and Science Applications International Corporation have invested in Xage’s B2.

• Increasing Valuations: The pre-money valuation of Xage increased by approximately 60% since January 2022.

• Investment Utilization: Xage plans to direct funds towards research and development and expand its market footprint, especially in the Asia Pacific region.

• Growing Threat Environment: As cybersecurity threats rise and more businesses operate remotely, the need for zero-trust security solutions has skyrocketed.

• Company's Foundation and Focus: Xage was founded by Susanto Irwan and Roman Arutyunov in 2016. It aims to protect IoT devices and operational technology from potential threats.

• Growing Threats: Attacks on IoT devices saw a 41% upswing in the first two months of 2023 compared to 2022.

• Product Offering: Xage’s product operates seamlessly on existing networks, providing security for system logins from unknown locations.

• Competitive Landscape: Xage's key rival in the market is Dragos, another startup focusing on securing IoT and industrial systems.

Xage has secured contracts with significant clients, including the U.S. Space Force and the U.S. Air Force and they report a 420% growth in revenue and 560% growth in bookings in the first half of 2023 alone.