Xona Systems, an Annapolis startup that provides a secure platform for businesses to use digital tools to control physical infrastructures such as oil rigs or wind turbines, has raised $7.2 million in a Series A funding round.
The company plans to primarily use the funding to build out its sales and marketing team, as well as invest in product development, with the goal of expanding the international reach of the brand. Xona also plans to add 10-15 staff members to its 17-person team by the end of the year.
"We're really in a hyper growth phase right now," CEO Bill Moore said.
The DataTribe Opportunities Fund, which is operated by Fulton-based cyber incubator DataTribe, led the round with a $6 million investment. Xona also received support from TFX Capital and individual investors, CEO Bill Moore said, adding the company has been raising the round since October. Xona was founded in 2017 and previously raised $2.2 million in 2019 and 2020, which included some backing from the Anne Arundel Economic Development Corp.
“The company is establishing itself as the gold standard in the industry and we are thrilled to partner together for this next phase of growth,” said Mike Janke, managing director at Fulton-based cyber incubator DataTribe, in a statement.
As a result of the funding round, Janke has joined Xona's board of directors. Jeff Williams, former chief revenue officer at California cyber company FireEye, has also joined as an independent board member.
Although Xona will be focusing on expanding internationally, research and development will remain in the United States. Along with the Xona headquarters in Annapolis, the company has a research and development office in Ann Arbor, Michigan.
Xona works with around 50 customers from more than 25 countries, including General Electric, Egyptian Liquefied Natural Gas and Mitsubishi. The company’s platform allows its customers to operate components of an oil rig or other machinery through a web browser, allowing employees to make adjustments to crucial energy infrastructure without having to take a helicopter out to an isolated location.
"There are countless reasons professionals running oil rigs in the middle of the ocean, manufacturing plants meeting high demand, water treatment facilities serving large populations and other critical facilities need 24/7 access," Moore said in a statement.
Other remote access technologies, such as virtual private networks, or VPNs, are available, but lack the security that Xona offers, Moore said. That security becomes more important as machinery that used to be self-contained can now be accessed through the internet, he added.
