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Xyte Secures $30 Million Investment Led by Intel Capital

Intel Capital takes the lead in powering Xyte, the genius behind the revolutionary Xyte Device Cloud
January 19, 2024

In a groundbreaking move, Xyte, the trailblazing developer of a comprehensive servitization platform, has announced a triumphant $30 million investment round. Spearheaded by Intel Capital, the $20 million Series A funding, along with contributions from tech giants like Samsung Next and existing backers S Capital and Mindset Ventures, coupled with an additional $10 million in venture lending from BlackRock-managed funds, positions Xyte at the forefront of innovation in device and hardware manufacturing.

Amidst the evolving landscape of hardware commoditization and shifting customer preferences, Xyte is poised to revolutionize the industry. The company's pioneering Xyte Device Cloud serves as an all-encompassing servitization platform, empowering manufacturers to embrace subscription-based and innovative as-a-service business models. This strategic funding injection is set to catalyze Xyte's geographic expansion, particularly across North America and Europe, solidifying its status as a global industry leader.

Traditional paradigms in device and hardware manufacturing are undergoing a transformative shift. Faced with the challenges of hardware commoditization and changing consumer expectations, manufacturers are compelled to reevaluate their business strategies. The future lies in integrated solutions that go beyond mere hardware provision, mirroring successful models pioneered by industry leaders such as Tesla and Apple.

At the heart of Xyte's disruptive approach is the Xyte Device Cloud, a full-stack servitization platform designed specifically for original equipment manufacturers (OEMs). This platform empowers manufacturers to adopt usage-based and other innovative as-a-service business models, fostering sustainable customer relationships. From the moment devices leave the warehouse to their delivery to end-users and beyond, Xyte Device Cloud ensures seamless lifecycle management for connected devices.

The $30 million investment, led by Intel Capital, marks a significant milestone for Xyte. With Roi Bar-Kat, Intel Capital's Israel Country Manager and Managing Director, joining Xyte's board of directors, the collaboration promises to reshape the industry landscape. Bar-Kat emphasizes the critical role of the hardware-as-a-service model for manufacturers, affirming Xyte's role in equipping forward-thinking OEMs with the necessary software stack for success.

Xyte's $30 million funding infusion propels the company into a position of strength and influence. As hardware and device manufacturers across diverse sectors join forces with Xyte, the transformative impact of the Xyte Device Cloud becomes evident. With an unwavering commitment to supporting connected device manufacturers, Xyte's journey, fueled by the resounding support of investors, promises a future where device and hardware businesses not only thrive but redefine the very essence of success.

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