Xyte, a Tel Aviv, Israel-based developer of a servitization platform for device and hardware manufacturers, has raised $30 million in a funding round.
The round includes $20 million in Series A funding led by Intel Capital, with participation from Samsung Next and existing investors S Capital and Mindset Ventures. Additionally, there is $10 million in venture lending from funds and accounts managed by BlackRock.
Founded in 1991, Intel Capital is the corporate venture capital arm of Intel, based in Santa Clara, California. Intel Capital invests in innovative startups targeting cloud and AI infrastructure, cybersecurity, and other disruptive technologies.
In conjunction with the financing, Roi Bar-Kat, Israel Country Manager and Managing Director at Intel Capital, will join Xyte's board of directors.
Xyte Use of Funds
The company will use the funding to accelerate geographic expansion, especially across North America and Europe.
Founded by Omer Brookstein and Boris Dinkevich in 2020, Xyte provides software tools to companies across different industries. 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. The company is on a mission to allow every OEM to easily cloudify their devices, and facilitate their business transition to a solution-based approach that is aimed at outcomes rather than just selling products and services.
Company: Xyte Technologies Ltd.
Round: Series A and Venture Lending
Funding Month: January 2024
Lead Investors: Intel Capital
Additional Investors: Samsung Next, S Capital, Mindset Ventures, BlackRock
Company Website: https://www.xyte.io/
Software Category: Servitization platform
Source: Ronny Hassid