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 firm of General ventures , has joined a $ 12 million investment round in blockchain 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 venture capital Partners , attracted investments from City Light Capital and NexStar ventures . Palo Alto - based Xage , which uses blockchain 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 .