Xyte, a Tel Aviv, Israel-based developer of an all-in-one servitization platform for device and hardware manufacturers, raised $30m in funding.
The funding included:
- $20m in Series A funding led by Intel Capital, with participation from Samsung Next and existing investors S Capital and Mindset Ventures, as well as
- $10m 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.
The company intends to use the funds to accelerate the geographic expansion of its servitization platform, Xyte Device Cloud.
Led by Omer Brookstein, CEO, Xyte provides the Xyte Device Cloud, 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 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.
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 companies like Schneider Electric and Legrand.
Xyte is alumni of Intel Ignite’s deep tech startup accelerator program.
FinSMEs
16/01/2024