Xyte Team (company pic)
Xyte, an Israeli startup that developed the first all-in-one servitization platform for device and hardware manufacturers, held a $30 million investment round, which included $20 million in Series A funding led by Intel Capital, with participation from Samsung Next. Meanwhile Snyk, an Israeli cybersecurity startup and a unicorn, acquired fellow Israeli firm Helios, which offers runtime data collection and insights. The purchase price was not disclosed.
Founded in 2015 by Israelis Assaf Hefetz, Danny Grander, and Guy Podjarny, Snyk provides cloud native application security (CNAS) solutions which enable modern applications to be built securely, empowering developers to own and build security for the whole application, from code and open source to containers and cloud infrastructure.
Snyk says that its SaaS platform can help developers find vulnerabilities and license violations in their open source codebases, containers, and Kubernetes applications. By connecting their code repository, Snyk customers gain access to a giant vulnerability database, which enables Snyk to serve a description of the problem, point to where the flaw in the code lies, and even suggest a fix.
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“As the pace and complexity of software development continues to rapidly increase, we’ve seen our global customers reap enormous productivity gains, but often at the cost of increased risk and critical security concerns,” said Peter McKay, CEO, Snyk. “This acquisition was executed with those valid concerns top of mind. We’re excited to welcome the Helios team and look forward to continuing to push the market forward with our ASPM vision and enhanced solution.”
“This is an incredible opportunity for the Helios team to join Snyk and change how the industry views ASPM, and we’re thrilled that our technology will immediately be able to help more AppSec and developer teams be successful,” said Eli Cohen, Co-Founder and CEO, Helios. “We’ve long admired Snyk’s approach and proven success and we’re honored to join this innovative, collaborative culture.”
Founded in 2019, Xyte’s Device Cloud is the first “all-in-one servitization” platform designed for device and hardware manufacturers to cloudify, operate, support, and commercialize their connected devices in a unified platform. It enables OEMs across different industries to cloudify, service, support, and commercialize their connected devices in one place, transforming them into integrated business solutions that combine hardware, software, and services. With XDC, device and hardware manufacturers can manage the complete lifecycle of their connected devices – from the minute they leave the warehouse to the moment they reach customers and through aftermarket sales. Our out-of-the-box applications for asset management, remote support, ecommerce & subscription management, and financing help OEMs gain market share, implement new business models, optimize operational efficiencies, and develop sustainable customer relationships.
“At Xyte, we are determined to continue supporting connected device manufacturers in every industry. This funding round will further fuel our success and accelerate our geographic expansion, especially across North America and Europe,” said Omer Brookstein, CEO and Co-Founder of Xyte. “Our investors’ unreserved support demonstrates their commitment to and trust in our mission, especially amidst otherwise turbulent market conditions. We are grateful for their partnership and look forward to our joint success ahead.”
