Xyte Secures $30M to Facilitate Subscription-Based Business Models for Device and Hardware Manufacturers
Wednesday, January 24, 2024
With funding led by Intel Capital, Xyte will accelerate the geographic expansion of its servitization platform, Xyte Device Cloud
MOUNTAIN VIEW, Calif. and TEL AVIV, Israel, Jan. 16, 2024 /PRNewswire/ -- Xyte, developer of the first all-in-one servitization platform for device and hardware manufacturers, today announced a $30 million investment round, which includes $20 million in Series A funding led by Intel Capital, with participation from Samsung Next and existing investors S Capital and Mindset Ventures, as well as $10 million in venture lending from funds and accounts managed by BlackRock. In conjunction with the financing, Roi Bar-Kat, Israel Country Manager and Managing Director at Intel Capital, will join Xyte's board of directors.
Hardware commoditization and customer preferences are forcing device and hardware manufacturers to rethink their business. This means transitioning towards offering integrated business solutions that include hardware, software, and services - akin to the models of technology leaders like Tesla and Apple.
Xyte Device Cloud is a full-stack servitization platform that empowers device and hardware manufacturers to introduce usage-based and other innovative as-a-service business models and develop sustainable customer relationships. It is purpose-built for original equipment manufacturers (OEMs) to manage the complete lifecycle of their connected devices - from the minute they leave the warehouse to the moment they reach customers and through aftermarket sales.
"The hardware-as-a-service model is imperative for device and hardware manufacturers to ensure their business success. Xyte is equipping forward-thinking OEMs with an indispensable software stack to meet that need," said Roi Bar-Kat. "We are confident that Xyte will play a pivotal role in shaping the ecosystem and enabling device and hardware manufacturers' businesses to flourish."
"At Xyte, we are determined to continue supporting connected device manufacturers in every industry. This funding round will further fuel our success and accelerate our geographic expansion, especially across North America and Europe," said Omer Brookstein, CEO and Co-Founder of Xyte. "Our investors' unreserved support demonstrates their commitment to and trust in our mission, especially amidst otherwise turbulent market conditions. We are grateful for their partnership and look forward to our joint success ahead."
Manufacturers across numerous verticals work with Xyte to support their own connected devices, from industrial and smart buildings to robotics, medical and automotive. This includes market-leading companies like Schneider Electric and Legrand.
"We are happy to be furthering our investment in the Xyte team, especially considering their success across diverse sectors," said Aya Peterburg, Founder and Managing Partner at S Capital. "With Xyte Device Cloud ready to deepen its impact, we consider ourselves to be partners in its vision and look forward to the journey ahead."
About Xyte
Xyte Device Cloud (XDC) is the first all-in-one servitization platform purpose-built for device and hardware manufacturers. It enables OEMs across different industries to cloudify, service, support, and commercialize their connected devices in one place, transforming them into integrated business solutions that combine hardware, software, and services. With XDC, device and hardware manufacturers can manage the complete lifecycle of their connected devices - from the minute they leave the warehouse to the moment they reach customers and through aftermarket sales. Our out-of-the-box applications for asset management, remote support, ecommerce & subscription management, and financing help OEMs gain market share, implement new business models, optimize operational efficiencies, and develop sustainable customer relationships.
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SOURCE Xyte
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