Momenta expands investment in Xage, Zero Trust security for critical infrastructure
Momenta is pleased to announce its second investment in Xage, the first and only Zero Trust security company for industry.
Momenta joined the $30m Series B investment round, with Piva, a San Francisco-based venture capital firm leading the round. Other investors include Valor Equity Partners, OurCrowd, March Capital, City Light Capital, Saints Capital, and Saudi Aramco Energy Ventures. This latest round brings Xage’s total funding to $54 million raised to date.
Mark Gudiksen, Managing Partner at Piva, and Michael Dolbec, Managing Partner at Momenta, are joining the Xage Board of Directors.
Cyber security is critical for industry and energy. Following the cyberattacks on the Colonial Pipeline, JBS, Kaseya, Brenntag, Copel, Toshiba, Oldsmar and others, demand for security solutions that enable granular, identity-based controls over operational IT and cloud systems has increased.
According to Gartner, cybersecurity mesh is a top strategic technological trend. The mesh-protected Fabric from Xage is delivering the next wave of cyber security innovation. The security solutions serving real-world operations focused on visibility and threat detection until recently. With Xage's Zero Trust Fabric, the focus is not just on network visibility and threat detection but also on blocking hackers and preventing them from obtaining a foothold.
The US Air Force uses Xage to make it easier for maintenance teams to securely share data and digitize manual processes to make them more efficient. The company has also teamed up with renewable energy businesses to ensure access to data and allow them to predict the most efficient energy mix. Xage also helps utilities confidently leverage machine learning to optimize grid balancing and drive down costs and energy consumption.
Michael Dolbec, Managing Partner for Momenta, states, "Xage has an immense opportunity for growth which is being fueled by three cybersecurity trends shaping the future of digital industrial business. These innovations provide granular control of digital interactions and provide Zero Trust protection that spans operations, IT, and the cloud":
- Cybersecurity mesh – an identity-based approach to securing industrial assets
- Data fabric – a way of securing data-in-motion and in-use across platforms and users
- Privacy-enhancing computation (PEC) – a way of sharing data across ecosystems that preserves privacy
Since Momenta’s seed round investment, Xage has significantly accelerated the adoption of Zero Trust for critical real-world operations, delivering more deployments in Q4 2021 than in the entirety of 2020. Xage's 2021 fund partner count has increased by 500% over 2020, and fund partner revenue has increased by more than 1000%. The additional funding will allow the company to expand its footprint further while ensuring that the world's most important assets and operations are protected from malicious cybersecurity attacks.
This is the fifth investment from Momenta’s AIoT Ecosystem Fund launched in partnership with Advantech, the global leader in IoT intelligent systems and embedded platforms. Aimed at early growth stage companies at the intersection of Artificial Intelligence (AI) and the Industrial Internet of Things (IoT), the fund delivers venture capital investment and direct value-creation to North America and European innovators.
Xage is the first and only Zero Trust real-world security company. The Xage Fabric accelerates and simplifies the way enterprises secure, manage and transform digital operations across OT, IT, and cloud. Xage solutions include Identity & Access Management (IAM), remote access, and dynamic data security, all powered by the Xage Fabric. For more information, please visit www.xage.com.
Momenta is the leading Digital Industry venture capital firm accelerating deep tech and digital innovators across energy, manufacturing, smart spaces, and supply chain. Led by deep industry operators across its venture capital, strategic advisory, and executive search practices, Momenta has made over 50 investments with notable exits to SAP and PTC.
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