The UAE’s e& capital – the investment unit of the global technology conglomerate e&, formerly known as Etisalat Group – has led a $5 million series A funding for Maxbyte, an Abu Dhabi-based technology firm.
The funding will boost Maxbyte’s expansion strategy, product development and further strengthen its solutions. It aims to expedite its growth by bolstering its sales team, refining the go-to-market strategy and partnerships and scaling projects across new geographies and industries, e& capital said in a statement on Tuesday.
“Maxbyte’s innovative approach to automation technology positions it as an ideal partner for the Industry 4.0 revolution especially with its track record of success stories across the UAE, [the] US, SEA [South-east Asia] and India,” said Eddy Farhat, executive director of e& capital.
“This investment will further its mission to digitally transform and automate companies.”
Maxbyte, which offers Industry 4.0 solutions, has a presence in the automotive, defence, utilities and food and beverage sectors. The company said it intended to enable smart connected industrial enterprise solutions for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
“This pivotal partnership accelerates our journey to spearhead technological evolution, fortify smart manufacturing and empower [the] UAE and global industries,” said Ramshankar CS, co-founder and chief executive of Maxbyte.
This month, e& capital led a $60 million series B funding for Airalo, an eSIM marketplace that aims to expand its global presence.
In October, e& launched a $250 million venture capital fund as part of e& capital to support the tech start-up ecosystem. The e& capital VC fund aims to attract, engage and support start-ups and provide them with access to investor and expert networks.
In February last year, e& rebranded as it sought to transform into a global technology investment conglomerate. The company provides digital solutions through its business pillars – Etisalat by e&, e& international, e& life, e& enterprise and e& capital.
E& enterprise is the exclusive distributor and system integrator of Maxbyte products in the UAE.
Source Article: https://www.thenationalnews.com/business/technology/2023/08/22/uaes-e-capital-leads-5m-funding-round-for-maxbyte-to-boost-its-expansion/
