- December 08, 2021
Industrial software company secures funding from venture capital and strategic angel investors to meet customer demand and grow market share.
Dec. 8, 2021 - HighByte, an industrial software company, today announced the close of its series seed funding round. The fully subscribed round raised $3.5 million in new capital to fuel the company's next phase of growth. The round was led by the family offices of Seth and Cindy Lawry and Soren and Caroline Oberg. Mr. Lawry and Mr. Oberg served together as long-time partners at Thomas H. Lee Partners, a Boston-based private equity firm. The lead investment team was joined by CEI Ventures, Maine Venture Fund, Momenta Ventures, and several angel investors. Funds will be primarily allocated across R&D, sales, marketing, and customer success to accelerate market penetration and expand deployments within existing accounts.
"HighByte is developing DataOps software to significantly advance industrial operations effectiveness, helping a single manufacturing site or the entire enterprise better utilize its vast data sets for improved efficiency and outcomes," said Seth Lawry. "Customers have resoundingly validated HighByte's value proposition. We are excited to partner with HighByte's talented and experienced management team—who previously built Kepware's successful industrial automation software solution—to drive HighByte's continued growth."
DataOps (data operations) 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. The company 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.
"In the past 12 months, we've proven product-market fit across a wide variety of vertical markets including pharmaceuticals, food and beverage, paper and packaging, and industrial products," said HighByte CEO Tony Paine. "Now it's time for us to put our foot on the gas pedal. This investment validates our mission and is essential for the next stage of our growth." First released in January 2020, HighByte Intelligence Hub has now been deployed in 10 countries by dozens of major manufacturers with multi-plant facilities.
"We are incredibly excited to be a part of HighByte's future," said Chandler Jones, managing director of CEI Ventures. "The HighByte team is uniquely positioned to understand what customers need to enable digital transformation in industrial manufacturing. Additionally, the company supports all seven components of our Good Jobs definition, a key theme of our latest fund."
Prior to the series seed raise, HighByte funded the company through founder contributions, state and federal grants, and convertible debt, which was converted into preferred stock at the close of the round. Complete funding details are available from the U.S. Securities and Exchange Commission.
HighByte is an industrial software development company in Portland, Maine building solutions that address the data architecture and integration challenges created by Industry 4.0. We've developed the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, processes, and systems at the Edge.
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