“One platform that turns your devices into services,” the software and hardware developers at Xyte have touted.
A valuable idea, as we already know (especially if you’ve read anything our team has written and published on our sister sites, including IoT Evolution World, MSP Today, Smart City Sentinel, or Future of Work News). This idea is valuable because of the type of fundamental change we’ve seen in recent years; future-forward companies are reanalyzing business models as industry trends shift more and more towards impactful digital transformation.
In this vein, device and hardware manufacturers are no exception. The move to “Hardware-as-a-Service” (HaaS) and other subscription-based business models has become a top-of-mind concern for leaders throughout tech-centric spaces. Notably, as a Xyte representative wrote, “Customers themselves have changed; their expectations for brand-new digital experiences are higher than ever before.”
Clearly, the demand for new experiences that meet and exceed users’ expectations is huge, and solutions providers need to act via technologies that create real impacts. The folks at Xyte seem well aware of this, and of how complex connecting and managing devices can be, particularly in the cloud. Thus, developing a quick-and-easy sort of solution that provides OEMs with comprehensive, cloud-based business tools for smarter device management was a must for Xyte.
So, after having developed its all-in-one servitization platform (i.e. with an outcome-as-a-service model for success), Xyte wanted to do even more on its journey to innovate for device and hardware manufacturers. That’s why – announced just earlier today – Xyte was able to raise $30 million in a new investment round.
A quick breakdown:
$20 million in Series A funding for Xyte was led by Intel Capital, with participation from Samsung (News - Alert) Next and existing investors like S Capital and Mindset Ventures. The remaining $10 million in venture lending came from funds and accounts managed by BlackRock.
And in addition to taking our word for it, here are a couple key quotes from Xyte’s investment-in-the-future-of-devices journey:
“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.”
“We are happy to be furthering our investment in the Xyte team, especially considering their success across diverse sectors,” added Aya Peterburg, Managing Partner and founder of 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.”
Read here to learn more about Xyte’s platform; its applications for asset management, its IoT hub of resources, Xyte Device Cloud, Xyte Connect, Xyte Anywhere and more.