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While the figure of cybersecurity funding deals make a high point in 2022 , that does n’t imply that the sphere ’s tapped out — far from it . According to Statista , there were 148 deals in Q2 2023 worth a merge $ 1.6 billion .
And — at least anecdotally — Q3 deal catamenia seems good for you , too . eccentric in point , Xage Security , a startup providing software system to thwart web intrusions , today announce that it raised $ 20 million in a B2 funding troll that brings the company ’s total raised to $ 80 million .
Piva Capital , March Capital , SCF Partners , Overture Climate Fund , Valor Equity Partners , Chevron Technology Ventures and Science Applications International Corporation take part in Xage ’s B2 . A seed familiar with the matter tells TechCrunch that the premoney valuation is roughly 60 % gamey than Xage ’s premoney as of January 2022 , when the company ab initio closed its Series B.
Geoffrey Mattson , who was appoint Xage ’s CEO in September , says the proceeds will be put toward R&D and flesh out Xage ’s go - to - market operations — with a focus on expand its presence in the Asia Pacific region .
“ Despite the mixed tech economic condition , cybersecurity attacks on vital base are on the rise , and Xage has check strengthening tailwinds versus headwinds given the terror environment and client ’ needs , ” Mattson told TechCrunch in an email consultation . “ With more businesses operating remotely to reduce price , delivering zero trust certificate solutions to decisive infrastructure and give out operations including in operation technology , IT and swarm environment has never been more important — and prioritized . ”
Xage was launch by Susanto Irwan and Roman Arutyunov in 2016 after the two came to realize that attacks on cyberspace of Things ( IoT ) equipment , including devices like surveillance television camera and temperature sensors , were grow . ( The tendency persist in ; in the first two months of 2023 , there was a 41%uptickin the intermediate number of weekly attack per organisation targeting IoT devices compared to 2022 . )
With Xage , Irwan and Arutyunov set out to develop a cybersecurity platform that could protect IoT devices and in operation engineering — the hardware and software used to monitor , control and upgrade industrial scheme — whether they ’re isolated or connected to the cloud .
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Xage ’s core oblation ballad on top of survive environments ostensibly without the need for connection changes , either as a part of an on - prem or software - as - a - service installation . Xage “ run across ” gadget interactions and data point front and change on a company ’s web , spotting policy violations and do security policies like invoking multifactor authentication for system logins from unknown locations .
Xage certainly is n’t alone in the market place for platforms to secure IoT and industrial system . Dragosis perhaps its biggest rival — at least on the startup front . But Xage has done well for itself where it interest customer acquisition , securing a $ 17 million contract with the U.S. Space Force and a $ 743,000 declaration with the U.S. Air Force .
Xage ’s other clients include substructure operators in energy , manufacture , utilities and fare . Mattson claims that the ~90 - employee inauguration ’s revenue grew 420 % while bookings grew 560 % in the first one-half of 2023 yr - over - year .
“ When the pandemic first smash , Xagesaw a short suspension in demand as client tried to sort out their own commercial enterprise , ” Mattson said . “ Luckily , Xagehad a well-fixed track as companies are seeing selective information and information security measures as key to their proceed procedure .
