Xage Security raises $20M more to expand its security platform
@kyle_l_wiggers / 4:30 PM GMT+6:30•November 2, 2023
Circuit board with data flowing through a red lock representing data security.
Image Credits: hh5800 / Getty Images
While the number of cybersecurity funding deals reached a high point in 2022, that doesn’t mean that the sector’s tapped out — far from it. According to Statista, there were 148 deals in Q2 2023 worth a combined $1.6 billion.
And — at least anecdotally — Q3 deal flow seems healthy, too. Case in point, Xage Security, a startup providing software to thwart network intrusions, today announced that it raised $20 million in a B2 funding round that brings the company’s total raised to $80 million.
Piva Capital, March Capital, SCF Partners, Overture Climate Fund, Valor Equity Partners, Chevron Technology Ventures and Science Applications International Corporation participated in Xage’s B2. A source familiar with the matter tells TechCrunch that the pre-money valuation is roughly 60% higher than Xage’s pre-money as of January 2022, when the company initially closed its Series B.
Geoffrey Mattson, who was appointed Xage’s CEO in September, says the proceeds will be put toward R&D and expanding Xage’s go-to-market operations — with a focus on expanding its presence in the Asia Pacific region.
“Despite the mixed tech economic conditions, cybersecurity attacks on critical infrastructure are on the rise, and Xage has seen strengthening tailwinds versus headwinds given the threat environment and customers’ needs,” Mattson told TechCrunch in an email interview. “With more businesses operating remotely to reduce costs, delivering zero trust security solutions to critical infrastructure and distributed operations including operational technology, IT and cloud environments has never been more important — and prioritized.”