Xyte, 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.
Omer Brookstein, CEO and Co-founder of Xyte, comment: “Recent years have seen a fundamental change in the way companies are doing business. Customer expectations for new digital experiences are higher than ever before, and cloud adoption has truly emerged as a catalyst in driving business transformation across all industries.
“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.”
Uri Galai, Partner at Kreos Capital, comments: “We’re proud to partner with Xyte as they deliver on their vision to bring in the new era of technological and business innovation for hardware manufacturers. 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.”