e& capital grants AED18.4 million to Maxbyte Technologies
e& capital, an Abu Dhabi-based venture capital company, is leading an AED18.4 million Series A financing round of Maxbyte Technologies, an integrated digital and robotics solutions innovator, to strengthen the company’s market expansion and product development.
Headquartered in Coimbatore, India, with an office in Sharjah, UAE, Maxbyte Technologies is an industrial digitalisation, robotisation, and decarbonisation solutions provider specialising in enabling intelligent and sustainable industrial enterprise for productivity, flexibility, efficiency and growth.
e& capital’s Series A financing round will expedite Maxbyte Technologies’ growth by boosting the sales team, refining go-to-market strategy and partnerships, and scaling projects across new geographies and industries.
Investment domain
e& capital is the investment arm of UAE-headquartered e& etisalat and (formerly known as etisalat).
e& capital specialises in investing in innovative startups with good business potential while collaborating with bold entrepreneurs.
Eddy Farhat, Executive Director, e& capital, said: “Our investment in Maxbyte is a significant milestone. Maxbyte’s innovative approach to automation technology positions it as an ideal partner for the Industry 4.0 revolution, especially with its success stories across the UAE, USA, SEA, and India. This investment will further its mission to transform and automate companies digitally.
“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. We believe that these solutions will contribute to reshaping the manufacturing landscape in the UAE and beyond,” Farhat added.
e& capital’s strategic investment in Maxbyte syncs with the UAE’s national strategy of scaling up digital adoption across industries, particularly the Industry 4.0 paradigm.
Joint aspirations
Ramshankar CS, Co-Founder and CEO, Maxbyte Technologies, noted: “We are thrilled to announce our partnership with e& capital. This exciting milestone is a testament to our shared vision and commitment to reshaping industries, driving transformative growth, and propelling our journey towards a future defined by boundless possibilities.
“This pivotal partnership accelerates our journey to spearhead technological evolution, fortify smart manufacturing, and empower UAE and global industries,” said CS.
Maxbyte Technologies provides services across three main domains, including Industry 4.0 and AI applications for digitising industrial value chains to intelligent and sustainable factories, robotics and automation solutions for enabling autonomous factories, and Industry 4.0 education programmes to empower manufacturers and the advancement and adoption of digital transformation and Industry 4.0 journey.
On June 6, 2023, e& enterprise (formerly Etisalat Digital) and Maxbyte Technologies signed a partnership at The Make It in the Emirates Forum in Abu Dhabi, instituting e& enterprise as the exclusive distributor and system integrator of Maxbyte Technologies in the UAE.
Featured image: Maxbyte Technologies top management team members.
