As part of its investment round, Xyte, a developer of the first all-in-one service-to-device platform for manufacturers of devices and hardware, today announced a $30 million investment, which is led by Intel Capital with $20 million in Series A funding, Samsung Next and existing investors such as S Capital and Mindset Ventures are participating, as well as $10 million in venture financing from BlackRock funds and accounts.. As a result of the financing, Roi Bar-Kat, Intel Capital's Israel Country Manager and Managing Director, will join the Xyte Board of Directors as a member of the board
As a result of the financing, Roi Bar-Kat, Intel Capital's Israel Country Manager and Managing Director, will join the Xyte Board of Directors as a member of the board
Device and hardware manufacturers are facing a significant change in their business model as a result of hardware commoditization and customer preferences. In order to achieve this goal, the company must begin to offer integrated business solutions that include hardware, software, and services, like Tesla and Apple do.
A full-stack servitization platform, Xyte Device Cloud empowers device and hardware manufacturers to develop long-term customer relationships and introduce innovative as-a-service business models as well as use usage-based and other innovative as-a-service business models to their customers. With this software, original equipment manufacturers (OEMs) are able to manage the entire lifecycle of their connected devices, from the moment they leave the warehouse to the moment they reach customers.
To ensure the success of a device and hardware manufacturer, the hardware-as-a-service model must be adopted. As a result, Roi Bar-Kat is providing forward-thinking OEMs with an indispensable software stack to address this requirement. It is our firm belief that Xyte will play a pivotal role in shaping the ecosystem and enabling the device and hardware manufacturers' businesses to flourish.
Xyte is committed to continued support for connected device manufacturers across a broad range of industries.. Xyte is excited that this round of funding will further fuel our success and accelerate our geographic expansion, especially in North America and Europe," said Omer Brookstein, CEO and co-founder of Xyte.. There is no doubt that our investors' unreserved support of our mission demonstrates their faith in and commitment to our mission, particularly during otherwise turbulent market conditions". As a result of their partnership, we are grateful and look forward to our joint success in the future
As a result of their partnership, we are grateful and look forward to our joint success in the future
A wide range of manufacturers across numerous verticals rely on Xyte to support their own connected devices, from industrial and smart buildings to robotics, medical and automotive, including market leading brands like Schneider Electric and Legrand.
As Founder and Managing Partner of S Capital, Aya Peterburg said, "We are delighted to be investing in the Xyte team, especially given their success across a wide range of industries," she said. "As Xyte Device Cloud prepares to deepen its impact, we consider ourselves to be partners in its vision and we look forward to the journey ahead."
The Xyte Company
As the first all-in-one platform for devices and hardware manufacturers, Xyte Device Cloud (XDC) is the first all-in-one platform for device and hardware manufacturers.. Using this solution, OEMs from a wide range of industries are able to cloudify, service, support, and commercialize their connected devices in one place, transforming them into integrated business solutions that combine hardware, software, and services to create seamless customer experiences. With XDC, device and hardware manufacturers have the ability to manage the complete lifecycle of their connected devices - from the moment they leave a warehouse, to the moment they reach the customer, and all the way through aftermarket support. We offer OEMs out-of-the-box solutions for asset management, remote support, ecommerce, subscription management, and financing that help OEMs gain market share, implement new business models, optimize operational efficiencies, and develop sustainable customer relationships with our out-of-the-box applications.
We offer OEMs out-of-the-box solutions for asset management, remote support, ecommerce, subscription management, and financing that help OEMs gain market share, implement new business models, optimize operational efficiencies, and develop sustainable customer relationships with our out-of-the-box applications.
The company logo can be found at https://mma.prnewswire.com/media/2319400/Xyte_Logo.jpg 
Xyte is the source of this information

Source prnewswire