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Xage Draws Chevron Backing to Accelerate Zero Trust Adoption in Energy

Xage Draws Chevron Backing to Accelerate Zero Trust Adoption in Energy

Investment from Chevron Technology Ventures extends Xage’s series B to address attacks on critical infrastructure

Xage, the zero trust cybersecurity company, announced investment from Chevron Technology Ventures to further accelerate the use of zero trust in protecting energy and other critical infrastructure from cyber threats. The additional capital extends Xage’s series B venture capital financing for a second time in the last two months, bringing Xage’s total financing to-date to $62M.

“Xage’s zero trust security has the potential to expand corporate security standards to environments that increasingly are connected to one another. The technology can provide critical support to cybersecurity and digital transformation needs,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the latest investment from our Core Energy Fund 7, which focuses on operational enhancement, digitalization and lower carbon technologies.”

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Xage’s Fabric is specifically designed to bring a zero trust security model to complex environments without requiring an equipment overhaul. The Fabric overlays every machine, app, and data point within an operation to impose granular control over all digital interactions. In addition to the company’s Identity & Access Management (IAM), Zero Trust Remote Access, and Dynamic Data Security solutions, Xage recently released a novel multi-layer, multi-factor authentication (MFA) capability designed specifically for real-world operations to block MFA hacks caused by “MFA bombing” and human error.

“With Chevron participating in our series B, we’re able to accelerate our impact on energy companies and other critical infrastructure organizations to prevent hacks while building efficiencies and enhancing collaboration,” said Duncan Greatwood, CEO of Xage. “We recently found that 88% of industrial cybersecurity leaders are taking steps to adopt zero trust, and 55% are reporting that zero trust is accelerating digital transformation. It’s our job to make sure these efforts are expedited, and expanded support from investors with deep knowledge of the energy sector will help us achieve that.”

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Chevron Technology Ventures joins a growing number of energy sector investors backing Xage. The venture arm of Saudi Aramco invested in Xage’s series A and B; and more recently, Piva Capital, a venture capital firm investing in technologies ushering in a new industrial era, led Xage’s series B, with SCF Partners and Overture Climate Fund joining the round in May.

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[To share your insights with us, please write to sghosh@martechseries.com]

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