Saudi Aramco Subsidiary Invests in Xage, an IIoT blockchain-Security Firm January 10, 2019 January 10, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 10, 2019 by Kelly Cromley

Saudi Aramco Subsidiary Invests in Xage, an IIoT blockchain-Security Firm

Xage Security, based in Silicon Valley, has revealed a capital investment by Saudi Aramco Energy Ventures, a wholly owned subsidiary of the Saudi Aramco integrated energy and chemical company.

The Saudi Aramco Energy Ventures (SAEV) investment complements the Xage Series A round, taking the total investment size to more than $16 million. With the aim of bettering operational efficiency and economic value and output in the energy sector, SAEV funding will back Xage’s mission to allow industrial modernization by developing and deploying its decentralized and highly scalable safety fabric.

After launching Xage for Energy, a tamper-proof alternative customized to meet the demands of linked energy networks, the job of the company will certainly continue to promote the adoption by the emerging technologies sector that advance the market.

Xage also greets Norman Thorlakson as SVP Sales and Business Development to its senior management team. The security fabric of Xage provides IIOT with a blockchain-protected security platform, while providing a trusted basis for field encounters between machines, people, apps and data. Recent financing and executive hiring will actually drive the company’s rapid growth in the energy sector, enabling IIOT deployments to be distributed across oil and gas, renewables, water, wind and more.

Jim Sledzik of SAEV said “SAEV invests in technologies and companies that represent the future of energy, and as operational networks become more connected, there’s an opportunity to improve asset management, production, and efficiency. Xage has developed an innovative approach to distributed interactions and industrial security for IIOT, and we are proud to partner with them, as they continue to grow and contribute to the evolution of the energy sector.”

Norman Thorlakson joins Xage as Senior Vice President of Sales and Business Development, where he will lead the rapid expansion of the company’s customer portfolio–including industry-wide organisations.

Given the background global business growth, SaaS, IoT and industrial software, and recently held senior positions at Schneider Electric and Invensys, Thorlakson’s competence in industrial operations and automated control systems will contribute significantly to his performance while working with energy companies.

Duncan Greatwood, Xage Security CEO, said “Our mission is to secure all interactions involving industrial networks – whether those are between machines, apps, data, or people – to enable the next wave of connected and improved operations for global industry. The support from SAEV is a significant validator for Xage’s solution and its impact on the energy sector, and with the addition of Norman Thorlakson to our executive team, we are extending our reach, and supporting the benefits of IIOT and industrial automation.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.