HighByte, an industrial software company, announced its Series A funding round led by Standard Investments, a platform investing in sophisticated growth companies at the intersection of the digital and physical worlds. Standard Investments led the funding round, which included participation from existing HighByte investors, including Exposition Ventures, Maine Venture Fund, and outstanding convertible note holders.
The new funding round will be primarily allocated across research and development, strategic partner management, and customer success to drive market penetration and expand deployments within existing accounts.
DataOps is the orchestration of people, processes, and technology to deliver trusted, ready-to-use data to all the systems and people who require it. As top-performing manufacturers and other industrial companies gather large amounts of data from their operations, Industrial DataOps has become an essential approach for improving efficiency, increasing security, and reducing costs throughout the company and its supply chain.
HighByte developed a unique Industrial DataOps software solution, HighByte Intelligence Hub, enabling manufacturers to merge, prepare, and deliver modeled industrial data to and from IT systems without writing or maintaining code. And curating and contextualizing data at the edge is foundational to the success of advanced analytics and the adoption of large language models in manufacturing. First launched in 2020, HighByte Intelligence Hub has been deployed in 18 countries by over 60 industrial companies with multi-plant facilities.
HighByte was launched in 2018 by a founding team with more than 50 years of deep domain experience in industrial data as alumni of Kepware, including Tony Paine who served as CEO of Kepware from 2009 to 2016 and led the sale of Kepware to PTC in 2016. With this funding round, HighByte raised $16.5 million in equity funding.
KEY QUOTES:
“HighByte’s unique Industrial DataOps platform enables data collection, analysis, and applications that can dramatically improve physical industrial operations. At Standard Investments, we’re focused on investing in companies that leverage technology to shape the industrial world and we’re excited to partner with HighByte in its next stage of growth.”
– Ben Sampson, Managing Director of Standard Investments, who will join the HighByte Board of Directors
“In 2023, we tripled ARR for the third consecutive year and proved product-market fit across a wide variety of vertical markets. Building off that success, we plan to further invest in the business to support growing customer demand, expand our global partnerships, and recruit additional talent to remain innovative, agile, and responsive to market requirements. This investment validates our mission and will be essential for the next stage of our growth.”
– HighByte CEO Tony Paine
