Industrial software company secures
$12 million Series A funding round
led by Standard Investments
PORTLAND, Maine, April 23,
2024 /PRNewswire/ -- HighByte®, an
industrial software company, today announced its Series A funding
round led by Standard Investments, a platform investing in
innovative growth companies at the intersection of the digital and
physical worlds. Standard Investments is leading the round with
participation from existing HighByte investors, including
Exposition Ventures, Maine Venture Fund, and outstanding
convertible note holders. New funds will be primarily allocated
across research and development, strategic partner management, and
customer success to accelerate market penetration and expand
deployments within existing accounts.
"HighByte's unique Industrial DataOps platform enables data
collection, analysis, and applications that can dramatically
improve physical industrial operations," said Ben Sampson, Managing Director of Standard
Investments, who will join the HighByte Board of Directors. "At
Standard Investments, we're focused on investing in companies that
leverage technology to shape the industrial world and we're excited
to partner with HighByte in its next stage of growth."
DataOps is the orchestration of people, processes, and
technology to securely deliver trusted, ready-to-use data to all
the systems and people who require it. As top-performing
manufacturers and other industrial companies gather increasing
amounts of data from their operations, Industrial DataOps has
become an essential approach for using that data to improve
efficiency, increase security, and reduce costs throughout the
company and its supply chain. According to Gartner®,
DataOps is a $3 billion emerging
technology market driven by a significant demand among data and
analytics leaders to address their growing data infrastructure
complexity.
HighByte has developed a unique Industrial DataOps software
solution, HighByte Intelligence Hub, that enables manufacturers to
merge, prepare, and deliver modeled industrial data to and from IT
systems without writing or maintaining code. Curating and
contextualizing data at the edge is foundational to the success of
advanced analytics and adoption of large language models in
manufacturing. First released in 2020, HighByte Intelligence Hub
has now been deployed in 18 countries by more than 60 industrial
companies with multi-plant facilities.
"In 2023, we tripled ARR for the third consecutive year and
proved product-market fit across a wide variety of vertical
markets," said HighByte CEO Tony
Paine. "Building off that success, we plan to further invest
in the business to support growing customer demand, expand our
global partnerships, and recruit additional talent to remain
innovative, agile, and responsive to market requirements. This
investment validates our mission and will be essential for the next
stage of our growth."
HighByte was established in 2018 by a founding team
with more than 50 years of deep domain experience in industrial
data as alumni of Kepware, including Tony Paine who
served as CEO of Kepware from 2009 to 2016 and led the sale of
Kepware to PTC in 2016. As of the date of this release, HighByte
has raised a total of $16.5M in
equity funding.
Additional Resources
- Read about the HighByte leadership team
- Learn more about the state of DataOps in
manufacturing
- Meet HighByte at Hannover Messe 2024
About HighByte
HighByte is an industrial software
company in Portland, Maine USA
building solutions that address the data architecture and
integration challenges created by Industry 4.0. HighByte
Intelligence Hub, the company's award-winning Industrial DataOps
software, provides modeled, ready-to-use data to the Cloud using a
codeless interface to speed integration time and accelerate
analytics. Learn more at https://www.highbyte.com/.
About Standard Investments
Standard Investments is a
fundamentally driven investment platform focused on the
intersection of industry and technology. Standard Investments
deploys capital flexibly and creatively across the public and
private markets, spanning the life cycle of a company, and
leverages its deep industrial knowledge and operational experience
to create value. To learn more, visit standardinvestments.com.
HighByte is a registered trademark of HighByte,
Inc.
Disclaimer: Gartner, Market Guide for DataOps Tools, Robert
Thanaraj, Sharat Menon, Ankush Jain, 5 December
2022
GARTNER is a registered trademark and service mark of
Gartner, Inc. and/or its affiliates in the U.S. and internationally
and is used herein with permission. All rights
reserved.
Media Contact
HighByte
Torey Penrod-Cambra
Chief Communications Officer
+1 844.328.2677 x701
torey.penrod-cambra@highbyte.com
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SOURCE HighByte