California-based Xyte secures $30m in funding 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.
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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.
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Roi Bar-Kat said, “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.”
Omer Brookstein, CEO and Co-Founder of Xyte said, “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.”
Aya Peterburg, Founder and Managing Partner at S Capital said, “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.”
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.
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