US-based cybersecurity company Xage Security has raised $20m in additional funding to support growth and product development.
Xage’s existing investors Chevron Technology Ventures, March Capital, Overture Climate Fund, Piva Capital, SCF Partners and Valor Equity Partners participated in the round.
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The round, which also was also joined by new investor Science Applications International Corporation (SAIC), takes the total funding raised by the company to $80m.
Xage provides services to clients across many sectors, including manufacturing, energy, healthcare, and government.
The company’s offering, called Xage Cybersecurity Mesh, is said to protect assets across multiple environments such as the cloud, industrial internet of things and operational technology (OT).
Xage plans to use the investment for further research and development and supporting go to market initiatives to scale operations and drive innovation.
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By GlobalDataEarlier in 2023, the cybersecurity vendor expanded operations in the Middle East and it now plans to focus on expanding in the Asia Pacific region by opening a new office in Singapore.
Xage Security CEO Geoffrey Mattson said: “Growing demand for Xage technology is a clear indicator that organizations need a simple and effective means to safeguard complex operations.
“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.”
Concurrently, Xage announced a partnership with SAIC, a technology services company.
Under the alliance, Xage’s offering will be integrated into SAIC’s IT & OT Accelerator products to help customers enhance security of critical infrastructure.
SAIC vice president of growth enablement and business transformation Heath Starr said: “With cyberattacks against federal agencies on the rise and government-issued cyber guidance increasing in tandem, zero trust must be a priority for every government system.
“Together, we can reach an expanded roster of public sector entities looking to cyber harden their complex and distributed operational technology and IT environments with the most effective zero trust solutions.”
