Xyte offers a hardware-as-a-service platform that lets OEMs and channel partners build and manage subscription products for devices, handling billing, device tracking and bundling of services. The product supports usage- or tenure-based pricing and is sold to customers on a monthly subscription basis. Initially focused on B2B customers, Xyte also enables partners to offer consumer subscriptions (for example Schneider Electric’s Wizer). The company positions itself as analogous to Stripe or Shopify for device subscriptions, aiming to help OEMs shift from one-time sales to recurring revenue. Xyte reports customers in the "thousands" with tens of thousands of devices under management and ARR of $1 million, with management saying ARR is on track to triple this year and next. The company plans to use new capital to expand U.S. operations and help customers transition to subscription models. Xyte provides a Connected Device Management Platform (CDMP) that enables companies across industries to cloudify, service, support, and commercialize their connected devices. Its suite of cloud-based tools enables hardware manufacturers and their channel partners to leverage the as-a-Service business model and natively integrate with other cloud services. The company works with customers and diverse ecosystems of connected devices to help unlock new opportunities for growth. Xyte intends to use the funds to meet customers' demand for flexible equipment financing solutions. The company is led by CEO Omer Brookstein and is based in Tel Aviv, Israel. The report of the financing was published by FinSMEs on 26/10/2022.

Total raised

$40M

Funding rounds

3

Latest round

Series A

Latest activity

Jan 2024