GE and IOT Security

Another indication that companies are serious about blockchain for some uses.   Click through for the motivation in the IOT.

126-Year-Old General Electric (GE) Invests in Blockchain Cybersecurity Startup

The venture capital arm of industrial conglomerate General Electric (GE) is one of the participants in a $12 million Series A fundraising round for Xage, a cybersecurity startup. The firm uses blockchain technology in securely linking industrial Internet of Things (IoT) devices. Other investors in the fundraising round, which is being led by March Capital Partners, are City Light Capital and NexStar Partners.

Prior to the ongoing fundraising round, the valuation of Xage stood at around $35 million. The fundraising round comes at a time when there is an increasing frequency of cyber-attacks.

“For industries to benefit from the IoT revolution, organizations need to fully connect and protect their operations. Xage is enabling the adoption of these cutting edge technologies across energy, transportation, telecom, and other global industries. We are excited to support Xage’s innovative approach,” said GE Ventures’ managing director of investing, Abhishek Shukla, in a statement ..... "