Xyte Raises $30M in Funding

Xyte, a Tel Aviv, Israel-based developer of an all-in-one servitization platform for device and hardware manufacturers, raised $30m in funding. The company intends to use the funds to accelerate the geographic expansion of its servitization platform, Xyte Device Cloud. Led by Omer Brookstein, CEO, Xyte provides the Xyte Device Cloud, a full-stack servitization platform that empowers device and hardware manufacturers to introduce usage-based and other innovative as-a-service business models and develop sustainable customer relationships. It is purpose-built for original equipment manufacturers (OEMs) to manage the complete lifecycle of their connected devices – from the minute they leave the warehouse to the moment they reach customers and through aftermarket sales. Manufacturers across numerous verticals work with Xyte to support their own connected devices, from industrial and smart buildings to robotics, medical and automotive.