The venture capital arm of General Electric (GE) has joined a $12 million investment round in blockchain startup Xage Security in order to develop its security fabric for industries from energy to building management, a press release confirmed July 23. The $12 million Series A funding round, led by March Capital Partners, included participation from GE Ventures as well as City Light Capital and NexStar Partners. Xage — which uses blockchain to allow tamper-proof communication between infrastructure and devices in the energy, telecom, utilities, building management, and manufacturing industries — will also work with GE Renewables to “reshape” international infrastructure using technology like the Internet of Things (IoT). GE and other partners will help “extend [Xage’s] security solution and enable [Industrial Internet of Things] deployments that advance industrial and service provider efficiency and operations globally,” the release explains. The move marks a further vote of confidence in blockchain for GE, which has previously explored the technology’s potential in its constituent branches. In February, the 126-year-old company highlighted the potential of “industrial ledgers” in the energy industry, and in March, GE Transportation joined the Blockchain in Transport Alliance.
GE Ventures, the venture capital arm of General Electric, has joined a $12 million investment round in Palo Alto startup Xage Security. The aim is to develop its security fabric for industries from energy to building management. In addition to GE, the Series A funding round, led by March Capital Partners, attracted investments from City Light Capital and NexStar Partners. blockchain-based Xage, which uses Palo Alto to allow for tamper-proof communication between infrastructure and devices, said it will also work with GE to develop international infrastructure using technology such as the internet of things.