The funding aims to further expand Maxbyte’s growth across different locations and industries.
UAE-based Maxbyte has received a lead investment of $5 million in Series A financing from e& capital. The funding aims to expand Maxbyte’s growth by better funding its sales team, as well as growing the company to new locations and in dealing with a greater number of industries.
Maxbyte is a provider of Industry 4.0 solutions and has made its mark in the automotive, defence, utilities, and food and beverages industries. “This pivotal partnership accelerates our journey to spearhead technological evolution, fortify smart manufacturing, and empower UAE and global industries,” Ramshankar CS, co-founder and CEO of Maxbyte, tells SceneStartup.
The collaboration between e& capital and Maxbyte comes after the two organisations recently signed a Memorandum of Understanding which designates the former as the exclusive distributor and system integrator of Maxbyte products in the UAE.
“This investment will further its mission to digitally transform and automate companies. Maxbyte's plug-and-play solutions not only support underserved smaller manufacturers but also have the capability to compete with rivals serving larger manufacturing companies through seamless integration,” Eddy Farhat, Executive Director at e& capital, says. “We believe that these solutions will contribute to reshaping the manufacturing landscape in the UAE and beyond.”
The collaboration comes as the UAE’s national agenda exerts efforts to speed up digital adoption across industries, particularly in Industry 4.0 solutions.
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