HighByte®, an industrial software company, has announced its Series A funding round led by Standard Investments, a platform investing in growth companies at the digital-physical intersection. The round is supported by existing HighByte investors, including Exposition Ventures, Maine Venture Fund, and outstanding convertible note holders.
The new funds will primarily fuel research and development, strategic partner management, and customer success initiatives 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 significantly enhance physical industrial operations. At Standard Investments, we’re committed to investing in companies leveraging technology to shape the industrial world, and we’re thrilled to partner with HighByte in its next growth phase.”
The Significance of DataOps in Industry:
DataOps orchestrates people, processes, and technology to securely deliver trusted, ready-to-use data to all relevant systems and personnel. As manufacturers and industrial firms amass increasing volumes of operational data, Industrial DataOps emerges as a crucial approach to leverage this data for improving efficiency, security, and cost reduction. According to Gartner®, DataOps represents a $3 billion emerging technology market, driven by the pressing need among data and analytics leaders to tackle growing data infrastructure complexity.
HighByte’s Solution:
HighByte’s Industrial DataOps software solution, HighByte Intelligence Hub, empowers manufacturers to merge, prepare, and deliver modeled industrial data to and from IT systems without code maintenance. Launched in 2020, HighByte Intelligence Hub has been deployed in 18 countries by over 60 industrial companies with multi-plant facilities.
Statement from HighByte CEO Tony Paine:
“In 2023, we tripled ARR for the third consecutive year and validated product-market fit across diverse vertical markets. Building on this success, we aim to invest further in the business to meet growing customer demand, expand global partnerships, and recruit additional talent to drive innovation and responsiveness. This investment underscores our mission and is crucial for our next growth phase.”
Founded in 2018 by a team with over 50 years of industrial data domain experience, including CEO Tony Paine, an alumnus of Kepware, HighByte has raised a total of $16.5 million in equity funding.
