General Electric joins $12m funding round for Xage Security
General Electric (GE) has joined a $12m investment round in blockchain startup Xage Security, in order to develop its security fabric for industries from energy to building management.
The funding round, led by March Capital Partners, included participation from GE Ventures (General Electric’s venture capital arm) as well as City Light Capital and NexStar Partners.
Xage — which uses blockchain to allow secure 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.
The funding round announcement, reported in Cointelegraph, marks a further vote of confidence in blockchain for GE, which has previously studied the technology’s potential in the sectors in which it operates.
Earlier this year, the multi-national stressed the potential of industrial ledgers in the energy industry, and soon after GE Transportation joined the Blockchain in Transport Alliance.