Participated · Series B · Nov 2023

Xage Security provides zero trust security products and services that secure, manage, and transform digital operations across operational technology (OT), information technology (IT), and cloud environments. Its product suite includes identity-based access management, remote access, and zero trust data exchange, all powered by the Xage Fabric, alongside professional cybersecurity design, implementation, and support services. Xage’s Cybersecurity Mesh is designed to bring zero trust access management and data security to complex environments without overhauling existing physical or digital infrastructure. The company serves critical infrastructure sectors including energy, manufacturing, healthcare, and government. Xage plans to use the new funds to further R&D investments and expand go-to-market operations, and is pursuing global expansion including a new Singapore office to support APAC customers after recent Middle East expansion. The company is based in Palo Alto, California. Xage is a zero trust cybersecurity company whose core product is the Xage Fabric. 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. The company announced investment from Chevron Technology Ventures to further accelerate the use of zero trust in protecting energy and other critical infrastructure. The additional capital extends Xage's Series B venture capital financing for a second time in the last two months, bringing total financing to-date to $62M. Xage is based in Palo Alto, CA. Xage provides a patented Xage Fabric that brings a zero-trust security model across operational technology (OT), IT, and cloud environments, offering identity & access management, remote access, and dynamic data security. The Fabric overlays machines, applications, and data points to impose granular control and block attacks in real-world operations. Customers in energy, defense, utilities, manufacturing, and logistics have more than doubled in the past year, and two-thirds are accelerating rollouts to meet TSA and other government mandates. Customers include top five energy companies globally and top five U.S. pipeline operators. Partners have increased 16x, and the company expects bookings to grow 7x in 2022. Xage announced a $6M Series B top-up and will use the funds to expand go-to-market operations to meet growing demand from critical infrastructure organizations globally. Xage builds a software "fabric" — a mesh of nodes that overlays industrial operations to provide granular control of digital interactions and zero-trust protection spanning operations, IT and the cloud. The solution leverages a distributed ledger/blockchain organized in nodes to avoid single points of failure and limit the impact of attacks. It targets older, brittle industrial infrastructure including oil and gas pipelines, water supplies and electrical grids. The company says demand has risen amid increasing ransomware attacks, government regulation and incidents such as last year’s Florida water supply attack. To support rollouts and deployments Xage is hiring aggressively: it had over 40 employees at the time of the article and expected to be close to 90 by the end of 2022, and plans a hybrid work approach. Financially, Xage announced a $30 million Series B and has raised $54 million in total to date. Xage Security provides a blockchain-protected security platform for the Industrial Internet of Things (IIoT) that distributes authentication and private data across device networks. The platform enables any-to-any communication, secures access to existing industrial systems, and supports continuous edge-computing operations despite irregular connectivity. Its architecture is designed to strengthen as more devices join the network. Customers include leaders across energy, utilities, transportation, and manufacturing. The company is led by CEO Duncan Greatwood and recently added Norman Thorlakson as SVP of Sales and Business Development to expand its customer portfolio. Funding announced will support continued growth and deployment of distributed IIoT across energy, renewables, water, wind, and other sectors.

Participated · Series A · Jul 2022

Revterra develops environmentally friendly rotational energy storage batteries that use recycled steel rather than lithium, nickel, or cobalt. Its units include 2MW batteries designed to deliver high power with a reduced environmental footprint. The company says its technology achieves storage via rotational energy mechanisms rather than conventional chemical batteries. Revterra won a piloting opportunity that will let it further develop and validate its systems in industrial settings. The pilot with ADNOC is intended to progress deployment across ADNOC’s operations and accelerate commercialization efforts. Revterra is developing a grid-stabilizing kinetic battery product, the S100, that leverages passively stable magnetic bearing technology. The system aims to capture benefits of flywheel energy storage while significantly amplifying performance for efficient storage and flexible delivery of electricity. Revterra raised $6M in a Series A financing led by Equinor Ventures with participation from SCF Ventures. Led by CEO Ben Jawdat and based in Houston, the company will use the funds for product development, hiring, and commercialization of the S100. Over the next 12 months Revterra intends to expand its team with electrical, mechanical, and manufacturing engineering hires and construct its first assembly facility in Houston. Those steps are intended to enable delivery of its first full-size, commercial-ready energy storage units in 2023.