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Xyte, One of the Best-Kept Secrets in the Industry, Is No Longer a Secret With $30M Funding Round

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I have been writing about the opportunity for AVaaS and cloud-based AV for years. And, finally, Xyte has a dedicated platform that any AV manufacturer can adopt. I will talk about them more when I publish my 2024 Kayye’s Krystal Ball prediction article, but here’s a preview of what I say about Xyte in the article: “Simply put, they are transformational. Xyte has quietly developed the best cloud management and AVaaS platform.”

AV-based cloud services and AVaaS (AV-as-a-Service) got a giant boost today as Xyte, developer of an all-in-one servitization platform for device and hardware manufacturers, today announced a $30 million investment round, which includes $20 million in “Series A” funding led by Intel Capital, with participation from Samsung Next and existing investors S Capital and Mindset Ventures, as well as $10 million in venture lending from funds and accounts managed by BlackRock. 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 says hardware commoditization and customer preferences are “forcing device and hardware manufacturers to rethink their business. This means transitioning towards offering integrated business solutions that include hardware, software, and services – akin to the models of technology leaders like Tesla and Apple.

Xyte Device Cloud is a full-stack servitization platform. It is purpose-built for original equipment manufacturers (OEMs) to manage the complete lifecycle of their connected devices.

Here’s an exclusive video interview I did with Omer today detailing how this investment will support that Xyte is trying to accomplish:

“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.”

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“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.”

Manufacturers across numerous verticals work with Xyte to support their own connected devices, from industrial and smart buildings to robotics, medical and automotive. This includes market-leading companies like Schneider Electric and Legrand.

“We are happy to be furthering our investment in the Xyte team, especially considering their success across diverse sectors,” said Aya Peterburg, founder and managing partner at 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.”

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