Investment company Momenta Ventures has finalized a round of funding in Maine-based industrial software company HighByte, which is trying to solve industry 4.0 data architecture and security roadblocks, the VC firm announced.
HighByte secured $625K in convertible debt matched by a $250K long-term, low-interest loan from Maine Technology Institute (MTI) in a pre-seed round of funding.
HighByte was established by the executives behind industrial automation and IoT software developer Kepware, purchased by Boston company PTC in 2016.
“These are challenging times for our manufacturing community as we start to understand the impact COVID-19 and other global factors will have on safety, productivity, and supply chain,” said HighByte CEO Tony Paine, in a prepared statement. “This makes it more important than ever to find partners who believe in our team, vision, and ability to execute in order to make industrial transformation a reality for our customers.”
HighByte’s Intelligence Hub is working on a DataOps solution tailored to the needs of industrial assets, products and processes. By placing its software at the edge, the company aims to help data-driven companies improve data quality, processing times and collaboration. HighByte’s offering is used to help customers create critical data infrastructure for Industry 4.0 applications which lets operating technologies (OT) systems securely operate on data from sensors, SCADA systems, and OPC and MQTT-enabled devices.
“We are hyper-focused on accelerating Digital Industry disrupters,” said Ken Forster, Momenta’s Executive Director, in a prepared statement. “We’re investing in HighByte because we believe the company will help redefine collaboration between OT and IT and bring about the digitalization of traditional operating technology systems. The founders have an intimate knowledge of industrial data from their time at Kepware and have a proven ability to operationalize.”
HighByte will use the first round of investment to further develop and sell its product. Other investors include Corson Ellis and Brett Austin, who both previously served at Kepware.
In February, Momenta Ventures invested in SST Wireless, which makes wireless sensors that are placed in extremely demanding environments.
access edge | DataOps | device edge | edge analytics | funding | IIoT | Industry 4.0 | Momenta Ventures