Xage Security
Xage sells zero-trust cybersecurity that locks down industrial and critical-infrastructure systems.
On the record
Checkpoint: Next funding round outcome and confirmation of who is actually CEO
The call
Xage sits deep inside critical infrastructure that's hard to rip out, but shaky funding and unclear leadership make the business itself the bigger risk, not AI.
Xage Security makes software that watches and protects critical infrastructure like power grids and oil pipelines without needing to install agents everywhere, a big advantage in older systems that are hard to change. The company has real customers (Saudi Aramco, the U.S. Space Force) and uses NVIDIA hardware to spot threats, but competitors like Claroty and Dragos are better known and better funded, so Xage fights as a smaller player instead of a leader. The company also has a shaky picture: it has raised money 17 times, its CEO has changed twice in two and a half years, and it just took a bridge loan at a flat price (meaning investors didn't think it was worth more), all signs that the market is losing confidence. Whether Xage survives or gets bought at a fire-sale price likely depends on whether it can nail a clean funding round with a stable leader and lock in its partnership with NVIDIA before NVIDIA decides to build this security tool itself.
Why
01
AI pressure: None apparent. AI models aren't attacking this niche directly, agentic AI is a new workload Xage is trying to secure and sell into. Could AI do the core job? Unlikely.
02
Bigger players: Claroty, Dragos, Nozomi Networks, Armis, plus bundlers like Palo Alto Networks and Cisco. Better-ranked OT security peers already outrank Xage, and big platform bundlers could fold similar protection into products customers already buy. Could a giant copy it? Probably.
03
What protects it. Deep, hard-to-rip-out installs across 60%+ of US midstream energy and marquee accounts like Saudi Aramco and Kinder Morgan.
What would change this call
Xage announces a Series C or new funding round within 6 months at a stated valuation. A step-up valuation signals strength; a flat or down round signals investor doubt.
Xage or a press outlet confirms who holds the CEO title after the Mattson exit. Resolves leadership churn that has seen two CEO changes in 27 months.
Gartner or similar analyst report repositions Xage from 'Challenger' toward 'Leader' or shows lost deals to Claroty/Dragos/Nozomi. Shows whether Xage is closing the gap with better-ranked OT security peers or losing ground.
Xage or a press outlet confirms who holds the CEO title after the Mattson exit. Resolves leadership churn that has seen two CEO changes in 27 months.
Gartner or similar analyst report repositions Xage from 'Challenger' toward 'Leader' or shows lost deals to Claroty/Dragos/Nozomi. Shows whether Xage is closing the gap with better-ranked OT security peers or losing ground.
Key numbers
- 81% revenue growth YoY
- $15M bridge round at flat ~$200M valuation
- CEO changed twice in 27 months
Named risks
- Two CEO transitions in 27 months with leadership identity unclear as of May 2026.
- Ranked Challenger, not Leader, behind better-funded OT security peers per Gartner, 2026-07-12.
- December 2025 bridge round of $15M signals possible flat or down valuation pressure.
- New AI-security growth driver depends heavily on NVIDIA BlueField partnership continuity.
- Emerging AI-agent security startups (Noma, Onyx) could erode differentiation in new niche.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Claroty | losing to | Ranked ahead of Xage in Gartner's first CPS security ranking, reported 2026-07-12 |
| Dragos | losing to | Ranked ahead of Xage as a Leader in same 2026-07-12 Gartner CPS ranking |
| Nozomi Networks | losing to | Positioned above Xage in Gartner's 2026-07-12 CPS security ranking |
| Armis | losing to | Named a Leader ahead of Xage's Challenger status, 2026-07-12 |
| Noma Security | contesting | New entrant competing in the AI-agent security niche Xage entered in 2025 |
| Onyx Security | contesting | New entrant competing in agentic-AI security space alongside Xage's 2026 pivot |
Questions people ask
- Is Xage Security profitable?
- Xage does not disclose profitability or absolute revenue. It reported 81% year-over-year revenue growth and 102% year-over-year customer growth in a company press release dated March 18, 2026, but no net income or profitability figures have been published.
- Who is the CEO of Xage Security?
- Leadership is unclear as of mid 2026. Geoffrey Mattson succeeded founder Duncan Greatwood as CEO in September 2023, then left to become CEO of SecureAuth in December 2025. A May 6, 2026 SecurityWeek article again refers to Greatwood as Xage's CEO.
- Who is Xage Security's biggest competitor?
- Claroty, Dragos, Nozomi Networks, and Armis are ranked ahead of Xage. Gartner's first cyber-physical systems security ranking, reported July 12, 2026, placed Xage as a smaller 'Challenger' behind these four plus Darktrace and Microsoft.
- Could AI replace Xage Security's product?
- Unlikely soon. Xage's moat is agentless brownfield OT integration and hardware-level enforcement via NVIDIA BlueField DPUs, announced October 28, 2025, plus regulatory trust with critical infrastructure clients, none of which an LLM alone can replicate.
- How much funding has Xage Security raised?
- Xage's own December 2025 press release, published March 18, 2026, confirms a fresh $15 million round led by Piva Capital with participation from SAIC, Chevron Technology Ventures, Aramco Ventures, and others; independent trackers report conflicting cumulative totals.
- Does Xage Security work with NVIDIA?
- Yes. Xage integrated its Fabric platform with NVIDIA BlueField-3 DPUs on October 28, 2025, and announced a 'Zero Trust for Agentic AI' offering using NVIDIA Vera BlueField-4 STX and DOCA security integration on June 1, 2026.
Timeline
- 2026-06-01Announced Zero Trust for Agentic AI with NVIDIA Vera BlueField-4 STX and DOCA integration
- 2026-05-06SecurityWeek article again refers to Duncan Greatwood as Xage CEO
- 2026-03-18Company reports 81% YoY revenue growth, 102% YoY customer growth
- 2026-02-09Xage and NVIDIA extend partnership announced at GTC
- 2025-12-10Geoffrey Mattson leaves Xage, appointed CEO of SecureAuth
- 2025-12-03$15M funding round closes, led by Piva Capital with SAIC, Chevron Technology Ventures
- 2025-10-28Xage Fabric integrated with NVIDIA BlueField-3 DPU for AI environments
- 2024-10-01Executive team expansion: Russell McGuire named Global CRO
- 2023-09-07Geoffrey Mattson succeeds Duncan Greatwood as Xage CEO
- 2023-09-06Company reports 420% YoY revenue growth and 560% bookings growth in H1 2023
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Xage Security Review 2026 (2026-04-02)
- Demand for Zero Trust Cybersecurity Mesh in Operational Enterprise Environments Drives 420% Revenue Growth for (2023-09-06)
- Xage Security Hits Record Growth by Architecting the Future of Zero Trust for AI and Critical Infrastructure (2026-03-18)
- Xage Security Company Profile
- Revenue, Competitors, Alternatives
- Products, Competitors, Financials, Employees, Headquarters Locations (2024-11-12)
- Investors Funnel Capital into Xage as Demand for Zero Trust Cybersecurity Mesh Skyrockets (2023-11-02)
- Xage Security 2026 Company Profile: Valuation, Funding & Investors
- Xage Security Stock Price, Funding, Valuation & Financial Statements (2025-12-03)
- Valuation, Funding Rounds & Stock Price (2026-04-06)
- Xage Venture Capital and Private Equity Financings (2023-11-05)
- Xage Security Careers, Perks + Culture