e& Capital, the investment arm of the global technology conglomerate e& (formerly known as Etisalat Group) based in the UAE, has taken the lead in a $5M series A funding round for Maxbyte, a technology company headquartered in Abu Dhabi.
The investment boost is set to propel Maxbyte’s expansion plans, fuel product development, and enhance the robustness of its solutions.
The objective is to accelerate growth through the strengthening of the sales team, refining of the go-to-market strategy, forging partnerships, and extending projects into new sectors and geographical regions. In an official statement on Tuesday, e& Capital outlined these strategic aims, according to The National News.
“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, 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, a provider of Industry 4.0 solutions, operates within various sectors including automotive, defence, utilities, and food and beverage. The company aims to facilitate intelligent connected industrial enterprise solutions that enhance adaptability, productivity, consistent revenue and profit expansion, along with promoting 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.
e& Capital’s Recent Investment Endeavors
Earlier this month, e& Capital took the lead in a series B funding round, raising $60M for Airalo, an eSIM marketplace with ambitions for global expansion.
In October, e& introduced a $250M venture capital fund as a component of e& Capital to foster the growth of the technology startup ecosystem. The objective of the e& Capital VC fund is to attract, engage, and support startups, while granting them access to investor and expert networks.
In February of the previous year, e& underwent a rebranding initiative as part of its transition into a global technology investment conglomerate. The company offers digital solutions through its business divisions: Etisalat by e&, e& international, e& life, e& enterprise, and e& capital.
e& Enterprise serves as the sole distributor and system integrator for Maxbyte products within the UAE.
