Xyte – a developer of the first all-in-one servitization platform for device and hardware manufacturers – recently 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, and $10 million in venture lending from funds and accounts managed by BlackRock. In connection with the funding, Roi Bar-Kat, Israel Country Manager and Managing Director at Intel Capital, will join Xyte’s board of directors.
Hardware commoditization are forcing device and hardware manufacturers to rethink their business. And 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 enables device and hardware manufacturers to introduce usage-based and other innovative as-a-service business models and develop sustainable customer relationships. And 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.
Manufacturers across numerous verticals work with Xyte to support their own connected devices, from industrial and smart buildings to robotics, medical, and automotive. And this includes market-leading companies like Schneider Electric and Legrand.
KEY QUOTES:
“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. We are confident that Xyte will play a pivotal role in shaping the ecosystem and enabling device and hardware manufacturers’ businesses to flourish.”
— Roi Bar-Kat
“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. 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.”
— Omer Brookstein, CEO and Co-Founder of Xyte
“We are happy to be furthering our investment in the Xyte team, especially considering their success across diverse sectors. 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.”
— Aya Peterburg, Founder and Managing Partner at S Capital
