Cybersecurity Gets Spicy: Xage Security’s $20M Raise and the IoT Invasion

Feeling hot, hot, hot! IoT Device Security Funding is sizzling with Xage Security, the digital bouncer, bagging a spicy $20 million. With cyberattacks targeting your smart toaster, investors are treating this sector like an endless buffet. It’s raining money, folks – and your smart fridge might just be the next big thing!

Hot Take:

Well, folks, it’s official. Pouring money into cybersecurity is as hot as a chili pepper in a volcano. Xage Security, a startup that’s basically a bouncer for network intrusions, recently announced a $20 million raise. And with the uptick in attacks on IoT devices (because apparently, your smart fridge is now a target), it’s no wonder investors are throwing their money at this sector like it’s a 24/7 all-you-can-eat buffet.

Key Points:

  • Q2 2023 saw 148 cybersecurity funding deals worth a combined $1.6 billion. That’s a lot of zeros.
  • Xage Security recently raised $20 million in a B2 funding round. Total raised to date: $80 million. Cha-ching!
  • The funds will be used for R&D and to expand Xage’s presence in the Asia Pacific region. Get ready to pack those bags!
  • Attacks on IoT devices are on the rise. Even your smart toaster isn’t safe anymore.
  • Xage’s revenue grew 420% while bookings grew 560% in the first half of 2023 year-over-year. Now that’s what I call growth!

Need to know more?

The Really Hot Deal

Xage Security, the brainchild of Susanto Irwan and Roman Arutyunov, just raised a cool $20 million in a B2 funding round. The startup aims to protect IoT devices and operational technology, whether they're chilling solo or partying in the cloud. It’s like a digital Iron Dome for your IoT devices.

Security is the New Black

The rise in cybersecurity attacks, especially on IoT devices, has made security solutions a top priority for businesses. So, despite the mixed tech economic conditions, Xage is riding a wave of strengthening tailwinds. It’s like being the new kid in school and everyone wants to be your friend.

Competitors? What Competitors?

Sure, Xage isn't alone in the market; Dragos is definitely trying to steal the spotlight. But Xage has been quite the star pupil, securing a $17 million contract with the U.S. Space Force and a $743,000 contract with the U.S. Air Force. It’s like winning the lottery and finding a $20 bill in your pocket on the same day.

Cha-Ching!

In the first half of 2023, Xage’s revenue grew 420% while bookings grew 560% year-over-year. That's like swapping your bike for a Lamborghini in a day. So, despite a slight pause in demand due to the pandemic, the company is pedalling faster than ever.

A Star in the Making

Xage's clients range from infrastructure operators in energy, manufacturing, utilities, and transportation. And with the massive growth in both revenue and bookings, it looks like this startup is on the fast track to stardom. It’s like the Justin Bieber of cybersecurity, except with fewer tattoos and more firewalls.
Tags: Cybersecurity Funding, Industrial System Security, IoT Device Security, Network Intrusions, US Space Force, Xage Security, Zero Trust Security Solutions