General Electric Ventures Invests in Blockchain Startup
As it happens, General Electric Ventures has invested in an emerging project called Xage which is a company with heavy emphasis on security. As the platforms website states, Xage is the only truly decentralized platform designed to secure the IoT industrially.
Internet of things
IoT is an acronym for the Internet of things, a system that holds everyday products and items connected online. On the other hand, the Industrial IoT involves industrial products like production hardware. Xage says its mission it is to be able to provide optimum security for such systems and consists of several services.
The Xage Gateway focuses on protective measures like authentication and security. Its broker feature synchronizes identifications of users connected to the platform and its Cloud offers a tracking system. Additionally, it provides a management feature that allows participants to fully organize and handle their own systems with the ability to foresee any malicious activity on their system.
As per the official coverage, Xage has managed to raise around $12M during its fundraising, adding to its established value of around $35M. March Capital, another VC company, spearheaded the fundraising although the amount invested in the startup by General Elective Ventures is undisclosed.
GE is an international conglomerate operating all over the world with its headquarters located in Boston. As one of the biggest companies on the planet, it ranked at 13th in terms of collected revenue last year. GE’s divisions cater to several industries ranging from health care to green energy and transportation as well as many more. Thomas Edison created General Electric by uniting Edison GE and Thomson-House EC together, forming General Electric.
Its ventures arm was founded in California 5 years ago and holds offices in several key industrial locations like Chicago, China, and Israel and according to the company, investments on its behalf have been poured in 115 emerging companies.
MD of General Electric Ventures, Abhishek Shukla, has stated that in order for these industries to truly reap the benefits from the Internet of things, companies must be fully connected and secure their own projects. Xage comes into play by providing full acceptance of the latest technological upgrades for many industries.
General Electric’s transport division was introduced into the Transport Alliance earlier this year. As the website states, BiTA presents a platform contributing to the advancements in blockchain and freight industry education and has reportedly gathered company applications in the thousands as part of its group.
Earlier in 2018, Alibaba collaborated with a research facility focused on the Internet of Things to contribute further to China’s plans for a “smart” city. IOTA is a blockchain created solely for the Internet of Things.