Xyte secures $10M debt funding from Kreos Capital to complement its Connected Device Management Platform with an equipment financing program and bring a holistic solution to hardware manufacturers

TEL AVIV, Israel, Oct. 26, 2022 /PRNewswire/ -- , pioneer of the first-of-its-kind Connected Device Management Platform (CDMP), has raised $10M in debt funding to meet its customers growing demand for flexible equipment financing solutions. The financing was provided by growth debt investor Kreos Capital and complements the existing equity finance raised by Xyte.With its Connected Device Management Platform (CDMP) a suite of cloud-based tools that allows manufacturers across different industries to easily cloudify their products, provide better service and support to customers and channels, and commercialize their equipment with subscription and usage-based models Xyte is bringing about a fundamental shift in the way the hardware manufacturing ecosystem operates.Earlier this year, Xyte announced its global expansion with the launch of dedicated operations in North America and the mission to make HaaS accessible to every manufacturer.The partnership between Xyte and Kreos provides manufacturers with financing options that will enable them to shift from CapEx to OpEx, kick-start the transition to flexible as-a-Service business models, and achieve their financial and strategic ambitions in this area. "Our equipment financing program is a great opportunity for hardware manufacturers to capitalize on these trends by developing new subscription-based business models that enable repeat, predictable revenue streams and foster long-term, sustainable customer relationships. Xyte stood out for us in its ability to create tremendous new growth opportunities across the entire manufacturing ecosystem, and we look forward to actively shaping the fast-growing IoT market. Xyte works with market-leading companies and their diverse ecosystems, including hundreds of thousands of connected devices, helping them unlock new opportunities for growth.