General Electric Participates in Blockchain Startup Xage Security’s $12 Mln Funding Round
General electric company is an American multinational company that was established on April 15th, 1892 in New York City and its headquartered in Boston. Since the start of 2018, the company has been involved in the following sectors aviation, healthcare, power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, and oil and gas.
The funding arm of General Electric (GE) has joined a $12 million investment round in blockchain startup Xage Security with an objective to build up its security texture for industries from vitality to building management, an official statement affirmed July 23.
The $12 million Series A funding round, drove by March Capital Partners, included interest from GE Ventures and also City Light Capital and NexStar Partners.
Xage which utilizes blockchain to permit sealed correspondence amongst infrastructure and gadgets in the energy, telecom, utilities, building management and manufacturing establishments will also work with GE Renewables to “reshape” global infrastructure utilizing innovation like the Internet of Things [IoT].
GE and other associates will help “extend [Xage’s] security solution and enable [Industrial Internet of Things] deployments that advance industrial and service provider efficiency and operations globally,” the release clarifies.
The move denotes a further vote of trust in blockchain for GE, which has already been investigated and the innovation’s potential in its constituent branches.
In February, the 126-year-old organization featured the capability of “industrial ledgers’’ in the energy business, and in March, GE Transportation joined the Blockchain in Transport Alliance.
