HighByte’s $3.5 Million Seed Funding Rounds Up A Year That Has Brought Industrial DataOps Platforms To The Fore
16, December 2021
HighByte’s $3.5 Million Seed Funding Rounds Up A Year That Has Brought Industrial DataOps Platforms To The ForeOn December 8, 2021, HighByte, the US-headquartered DataOps software provider announced that it had raised $3.5 million in seed funding, bringing the total funding raised till date to nearly $5 million. HighByte plans to use the funding to expand its customer base and market penetration by further investing in its sales, marketing and customer success teams.
Founded in 2018, HighByte has over 30 customers in the manufacturing sector using its HighByte Intelligence Hub DataOps solution. HighByte’s Intelligence Hub provides capabilities to clean and contextualize data at the edge before it is transferred to the cloud along with moving information from the cloud back down to on-premise systems (such as SCADA) so engineers can act on the information. The solution has enhanced integrations with IT systems via direct SQL and REST integrations, as well as native connectivity to AWS IoT SiteWise, Microsoft Azure Event Hubs and Microsoft Azure IoT Hub. The latest version 2.2 released a few days back offers new connectors for InfluxDB, Oracle Database and OSIsoft PI System along with a host of new features and fixes.
Digitization of industrial asset management and the value derived from applying analytics to large volumes of data for predictive maintenance and asset performance optimization are driving data management, especially DataOps practices within industrial firms. In this context, DataOps platforms are becoming increasingly relevant for industrial firms. In the 2021 Verdantix global corporate survey, 26% of the 256 respondents in operations, maintenance, engineering and process safety roles mentioned spending on software for industrial data management in 2022. Why? Because DataOps platforms accelerate the usability and accessibility of data by offering functionality for data integration, contextualization through AI tools, data exploration and template-building and managing as well as configuring data access for users.
The past year has seen industrial DataOps solutions coming to the fore with multiple mergers and acquisitions and funding redefining the market landscape. MachineMetrics, the IIoT platform provider raised $20 million in Series B funding in June 2021, while in May 2021, Cognite raised $150 million from TCV, a technology investment firm, to further enhance its offerings as well as expand into new regions. Uptake, the US-headquartered industrial AI software provider acquired ShookIOT in February 2021 to help industrial firms unlock the value of data quicker and in June 2020, California-headquartered Element Analytics raised $18 million in Series B funding.
We expect competition heating up in 2022 in the industrial DataOps solution market with more AI-based analytics providers, IIoT platform suppliers and asset performance management (APM) software providers expanding their product capabilities to include better data management functionality for aggregation, tagging and contextualisation, while vendors who have established a good customer presence in sectors outside of heavy asset industries such as Nexla and Rivery start eyeing up the industrial market.
For more information on Industrial DataOps platforms and customer spend, read the following Verdantix reports: Ten Industrial DataOps Platform Providers To Watch In 2022, Global Corporate Survey 2021: Operational Excellence Budgets, Priorities & Tech Preferences