HighByte Announces Series A Raise to Accelerate Growth in Industrial DataOps Market

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Apr 23, 2024, 03:07 ET

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.

Statement from Standard Investments Managing Director Ben Sampson.

"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

Media Contact
HighByte
Torey Penrod-Cambra
Chief Communications Officer
+1 844.328.2677 x701
[email protected]

SOURCE HighByte