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With an investment led through Intel Capital, Xyte will drive the geography of its service platform, Xyte Device Cloud.
MOUNTAIN VIEW, Calif. and TEL AVIV, Israel, Jan. 16, 2024 /PRNewswire/ — Xyte, developer of the first all-in-one servitization platform for device and hardware manufacturers, today announced a $30 million investment circular, including $20 million in Series A investments led through Intel Capital, with the participation of Samsung Next and existing investors S Capital and Mindset Ventures, as well as $10 million in loans threatened by the budget and accounts controlled through BlackRock. Along with the investment, Roi Bar-Kat, Israel Country Manager and Managing Director of Intel Capital, will join Xyte’s board of directors.
Commoditized hardware and the personal tastes of visitors are forcing device and hardware brands to rethink their businesses. This means moving towards bringing built-in business answers that come with hardware, software, and services, to models from generation leaders like Tesla and Apple.
Xyte Device Cloud is a comprehensive servitization platform that enables device and hardware brands to introduce cutting-edge usage-based and other as-a-service business models and expand long-lasting relationships with visitors. It is designed in particular to allow original devices. brands (OEM) to manage the entire lifecycle of their connected devices, from the moment they leave the warehouse to the moment they reach consumers and all the way to aftermarket sales.
“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,” said Roi Bar-Kat. “We are confident that Xyte will play a pivotal role in shaping the ecosystem and enabling device and hardware manufacturers’ businesses to flourish.”
“At Xyte, we are committed to continuing connected device brands across industries. This investment cycle will further boost our good fortunes and drive our geographic expansion, specifically in North America and Europe,” said Omer Brookstein, CEO and Co-Head. founder of Xyte. . « All of our investors demonstrate their commitment and confidence in our mission, especially in a differently turbulent market environment. We are grateful for their partnership and look forward to our long-term joint good fortune.
Manufacturers across many verticals use Xyte in their own connected devices, from commercial and technology buildings to robotics, medicine, and automotive. This includes market-leading corporations such as Schneider Electric and Legrand.
“We are pleased to continue our investment in the Xyte team, especially given their good fortune across the industries,” said Aya Peterburg, founder and managing partner of S Capital. “As Xyte Device Cloud is poised to deepen its impact, we see ourselves as partners in its vision and looking ahead to the adventure ahead.
About Xyte
Xyte Device Cloud (XDC) is the first all-in-one servitization platform designed especially for device and hardware brands. It enables OEMs across industries to cloudify, maintain, support, and market their connected devices in one place, making them available in a single place. With XDC, device and hardware brands can manage the entire lifecycle of their connected devices, from the moment they leave the warehouse to the moment they succeed with consumers and all the way to the secondary market. sales. Our out-of-the-box programs for asset management, remote support, e-commerce and subscription management, and OEM financing gain market share, implement new business models, optimize operational efficiencies, and expand long-lasting visitor relationships. .
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SOURCE Xyte