Artificial Intelligence
OMNIQ ENTERS INTO A DEFINITIVE AGREEMENT TO ACQUIRE TADIRAN TELECOM A GLOBAL LEADER IN UNIFIED COMMUNICATIONS AND COLLABORATIVE (UC&C) SOLUTIONS
- omniQ enhances product offering with a non-dilutive acquisition.
- omniQ strengthens its position as a leading provider of Comprehensive Automation Solutions to its Fortune 500 Customer Base, complementing its Supply Chain, Public Safety, Traffic Management and Retail Solutions with advanced Unified Communications & Collaboration (UC&C) platform under a UCaaS model.
- This strategic move enables omniQ to integrate the new UC&C capabilities with omniQ’s AI products delivering higher predictability, increased speeds with proactive real-time automated actions.
- Tadiran’s FY 2022 revenue was $26M with $1.7M of Operating Profit.
- The Company will Pay a total of $15.25M for 100% of Tadiran.
SALT LAKE CITY, July 10, 2023 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”) a leading provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced today that it has signed a definitive agreement to acquire Tadiran Telecom, an international provider of Advanced Unified Communications and Collaboration (UC&C) Solutions enhancing its software.
Tadiran, a pioneer in communication technologies and a well-known brand develops, designs, manufactures, and sells unified communications-as-a-service solutions that enable businesses to better communicate, collaborate, and connect in Israel, the US, India, Far East and across additional countries worldwide. The company offers cloud communications and contact center solutions based on a Message, Video and Voice platform focused on highly secure, and reliable connectivity.
Tadiran complements omniQ enabling a comprehensive advanced state of the art telecom solution combined with legacy solutions including unified communications-as-a-service, hosted and on-premises UC&C platforms, a collaborative contact center solution that delivers Omni-channel, IP PBXs, Telecom infrastructure integration and other legacy telecom solutions to a large base of customers over the world such as Governments, Hospitals, Shopping Centers, Logistic Yards, Supermarkets, Transportation, Financial Institutions Hotels, Power Stations, Organizations, and others. The comprehensive solution will improve connectivity, efficiencies and data management of omniQ’s customers.
Shai Lustgarten, the CEO of omniQ, commented: “With the addition of Tadiran, we will possess a comprehensive proprietary communication solution that enables us to better serve our customers. Our platform technology utilizes 3 steps, we Sense, Identify and Act. With the addition of Tadiran, we can now add audio, cellular and WIFI signals to our current sensors which today include camera’s, scanners, RFID and Bluetooth technologies allowing us to analyze the digital data in greater detail and at faster speeds. This significantly enhances our ability to manage events and mitigate risks at all levels. The new smart automation is a unique solution into our supply chain, traffic management, retail and hospitality customers, allowing us to provide superior service with more accurate and faster sensing, identification and action. As omniQ continues to drive automation for our customers, this acquisition not only allows us to meet the existing organizational communication needs of our current customers but also enables us to create automation through real-time AI communication sensing. This is important as it provides us the capability to identify and respond faster and with greater accuracy. By leveraging the sensing and digitization of communication data and identifying trends at the communication AI level, we can take prompt and precise actions. This capability is crucial in our commitment to delivering predictive and proactive actions.
Tadiran significantly strengthens our Safe City product, Q-Shield. By leveraging Tadiran’s expertise and resources, we enhance Q-Shield’s capabilities, solidifying our position as a leader in the market. Q-Shield, along with Tadiran’s technologies will offer advanced video surveillance, real-time data analytics, artificial intelligence, and integration with external devices and systems. This comprehensive solution enables proactive monitoring, early threat detection, efficient emergency response, and overall improved public safety and security.”
Lustgarten concluded, “Our acquisition of Tadiran is a pivotal moment for omniQ, as it aligns perfectly with our strategic goals of increasing recurring revenue and enhancing profitability. By expanding our portfolio with Tadiran’s robust business model, customer base, UC&C solutions, and enhanced Safe City offering, we strengthen our market position and unlock new revenue streams. Tadiran’s UC&C solution, Aeonix, will empower our customers with an advanced, cloud-based communication platform, while enhancing our Safe City product, Q-Shield. These synergies create opportunities for growth, market expansion, and increased shareholder value. We are dedicated to delivering exceptional solutions and maximizing value for both our company and shareholders.”
Based on reported segment results from Afcon’s 2022 annual financial statements: Tadiran had revenue of $26M in FY 2022 and $1.7M in operating profit. Tadiran’s revenue also includes a significant portion which is recurring revenue. For 100% of Tadiran’s shares, omniQ will pay a total consideration of $15.25M of which $12.5M will be paid in cash which is expected to be financed with traditional debt. In addition, $2.75M of the consideration will be paid in the form of restricted non-discounted common stock. A potential performance based earnout clause of up to $0.75M if earned would be paid by issuing restricted non-discounted omniQ common stock.
About Tadiran:
Tadiran boasts an impressive customer base, including renowned organizations such as the US Department of Veteran Affairs, US Banks and School Districts, Israeli Ministry of Defense, India Metro, prominent medical centers, and leading supermarket chains.
A standout solution offered by Tadiran is Aeonix, a pure software-based UC&C solution. Aeonix delivers advanced features and capabilities of an on-premises PBX, without the need for most onsite hardware, eliminating related costs and maintenance concerns
The benefits of Aeonix are substantial, including unified messaging, touch desktop/mobile voice, video, and messaging communications, advanced call routing, contact center capabilities, collaboration via Zoom integration, emergency response control, real-time data processing, integration with external devices and systems, large audio conferences, and call recording. These features enable customers to transform their communication and collaboration practices, improving internal workflows and enhancing customer interactions, ultimately driving overall business success.
The closing of the acquisition is expected within 60 days and is subject to necessary regulatory approval and the satisfaction of other closing conditions. There can be no assurance that the transaction will be consummated.
About OMNIQ Corp:
OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, oil, gas, and chemicals.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023 and the fast casual restaurant sector expected to reach $209 billion by 2027.
For more information please visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Examples of forward-looking statements include, among others, statements made in this press release regarding the closing of the private placement and the use of proceeds received in the private placement. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
IR Contact:
Koko Kimball
Artificial Intelligence
Cyber-Physical Systems (CPS) Market worth $255.3 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 1, 2024 /PRNewswire/ — The global cyber-physical systems market is expected to be valued at USD 124.1 billion in 2024 and is projected to reach USD 255.3 billion by 2029; it is expected to grow at a CAGR of 15.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Higher growth in industrial automation coupled with the influence of IoT is boosting the growth of the cyber-physical systems market. The growth of the industry of industrial automation is mainly influenced by the importance of the integration of cyber-physical systems and the Internet of Things. CPS involve the connectivity of sensors and actuators, which improves manufacturing efficiency and flexibility while heightening the operational capabilities of a factory, thus a shift toward smart factories in the industry 4.0 era. The influence of IoT will further be the enablement of real-time data exchange along with advanced analytics on predicting maintenance and optimization of resources that would make automation faster. The CPS systems are expected to expand rapidly with each adoption in the various industries across the market because of the inherent innovations coupled with competitiveness across a number of industries.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=150375126
Browse in-depth TOC on “Cyber-Physical Systems (CPS) Market” 210 – Tables70 – Figures298 – Pages
Cyber-Physical Systems (CPS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 124.1 billion
Estimated Value by 2029
$ 255.3 billion
Growth Rate
Poised to grow at a CAGR of 15.5%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Complexities associated with integrating various components
Key Market Opportunities
Rising preference for sustainable energy
Key Market Drivers
Growing trend of industrial automation
The operational technology (OT) holds a significant share in cyber-physical systems market.
The operational technology (OT) segment holds a significant share in the cyber-physical systems market due to higher demand from process industries such as oil & gas, chemical, and petroleum. This technology enables these industries to manage and control critical industrial processes in real time. These systems integrate hardware and software that collects the data, visualizes it, and takes control of the processes. Also, the industries such as energy and manufacturing rely on OT for performing operations such as process control, safety management, and monitoring. Furthermore, integrating OT with IT systems has enhanced the execution of complex industrial tasks. As industries increasingly adopt automation and smart technologies, the reliance on robust OT systems ensures its substantial share in the CPS market.
Digital twin technology to exhibit the highest growth rate in the cyber-physical systems market.
The digital twin is anticipated to hold the highest growth rate in the cyber-physical systems market. This is attributed to their unique gadgetry, which completely transforms how industries manage and optimize their assets. Digital twins can imitate real-life systems, allowing businesses to monitor, predict and simulate how they operate in real-time. This capacity is vital in sectors such as manufacturing, healthcare, and aerospace, where there is an emphasis on the careful handling of machines and techniques. The emergence of Industry 4.0 kindled by the expanding incorporation of AI with IoT technologies, has since contributed to expediting the use of digital twins due to their ability to facilitate preventive maintenance, reduce downtimes, and enhance the decision-making process among manufacturers. Given that organizations are increasingly leaning towards productivity improvement ideas, demand for digital twin technology will be expected to keep rising, resulting in the highest CAGR in CPS markets throughout the forecast period.
Manufacturing vertical dominates the cyber-physical systems market over the forecast period.
Manufacturing is the largest vertical of the cyber-physical systems market, as heavy machinery works with advanced automation technologies to implement the most modern manufacturing process. Smart manufacturing avails itself of CPS technologies such as IIoT, robotics, and digital twins, enabling capabilities like real-time monitoring, predictive maintenance, and optimized production workflows. These are really important to enable companies to compete in a global marketplace, supporting manufacturers in increasing their efficiency, reducing charges, and offering better quality products. The emphasis on digitalization and the integration of manufacturing systems propagated by Industry 4.0 has positioned CPS technologies as the dominant sector in the market, especially for manufacturing.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=150375126
North America region holds the largest share of cyber-physical systems market during the forecast period.
North America holds the major share of the cyber-physical systems industry due to the presence of key players in the region. The region is strategically vital for advanced R&D initiatives focusing on transformational technologies such as IIoT, smart grids, and autonomous systems. Steadily rising demand from manufacturing, automotive, and healthcare sectors eager to adopt and implement new and transformative technologies constantly pushes innovation. In addition to this, early adoption of the practices of Industry 4.0 across the region, along with a regulatory framework favorable to encouraging innovation in technologies, has enabled North America to continue dominating the global cyber-physical systems market.
Key Players-
The report profiles key players in cyber-physical systems companies such as ABB (Switzerland), Honeywell International Inc. (US), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Continental AG (Germany), General Electric Company (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), and Robert Bosch GmbH (Germany) among others. These players have a strong market presence in cyber-physical systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=150375126
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
SCADA Market by Component (Programmable Logic Controller (PLC), Remote Terminal Unit (RTU), Human-Machine Interface (HMI), Communication Systems, I/O Devices, Storage Servers, Supervisory Systems), Offering, End User and Region – Global Forecast to 2029
Industrial Cybersecurity Market Size, Share & Industry Trends Analysis Report by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Solutions & Services), End-user (Power, Utilities, Chemicals & Manufacturing), Deployment Type and Region – Global Forecast to 2028
Human Machine Interface Market Size, Share, Trends & Industry Growth Analysis Report by Offering (Basic, Advanced Panel-based, & Advanced PC-based HMI), Software (On-premises, Cloud-based), Screen Size (1″-9″, 9″-17″, More than 17″), Configuration (Standalone, Embedded), Industry – Global Forecast to 2028
Manufacturing Execution Systems Market by Offering (Software, Services), Deployment (On-premises, On-demand, Hybrid), Process Industry (Oil & Gas, Pharmaceuticals & Life Sciences), Discrete Industry (Automotive, Aerospace) – Global Forecast to 2029
Industry 4.0 Market Size, Share & Industry Growth Analysis Report by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV’s, Machine Condition Monitoring) and Geography – Global Growth Driver and Industry Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress Ave.Suite 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cyber-physical-systems-cps-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/cyber-physical-systems-cps.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/cyber-physical-systems-cps-market-worth-255-3-billion-by-2029—exclusive-report-by-marketsandmarkets-302263579.html
Artificial Intelligence
Matterport Fall 2024 Release: Insights Meets Imagination elevates the platform with generative AI and more
Matterport introduces essential new tools for real estate agents, contractors and designers
SUNNYVALE, Calif., Oct. 1, 2024 /PRNewswire/ — Matterport, Inc., today unveiled a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity.
“Our Fall 2024 Release empowers users to unlock the full potential of Matterport,” said RJ Pittman, Chairman and CEO of Matterport. “Imagine being able to defurnish a home with one click or generate stunning property descriptions automatically, using just the data from your digital twin. These tools save time, elevate listings, and simplify complex workflows for everyone—from real estate agents to contractors and enterprise teams. And with features like 3D model merge, field tags, and one-click bill-back processing, we’re helping customers manage spaces at scale with unprecedented speed, efficiency and precision.”
New tools for agents:
One of the most revolutionary additions in the Fall Release is Matterport’s AI-powered defurnish tool, designed to solve a common challenge for home sellers and agents: clutter. With a single click, users can now transform a cluttered living room or messy garage into a clean, open space—allowing potential buyers to visualize the home’s true potential. Whether it’s “erasing” an outdated couch or clearing out the dining room set, defurnish gives agents a powerful yet simple tool to make every property shine.
And coming soon, Matterport’s interior design tools will unlock creativity for everyone—letting users digitally furnish and redesign spaces with ease and offering a glimpse of what the future could hold.
The AI-powered property description tool is another game-changer, crafting detailed, engaging written descriptions in just seconds. Brokers and marketers can select the style and tone, ensuring each listing is perfectly tailored—whether it’s a sleek, modern downtown loft or a charming suburban home. And by leveraging the precise spatial data of every digital twin, the tool creates content that is not only beautifully written but also accurate down to the last detail, saving hours of work and producing results that even seasoned experts will admire.
New tools for property managers, contractors, and designers:
For large-scale projects, Matterport’s new Merge tool enables users to seamlessly “snap” together multiple digital twins. Imagine creating a full digital model of an entire hotel, floor by floor, or merging every floor of a high-rise office tower into one cohesive 3D tour of the building. Merge also allows multiple team members to scan different sections of a property simultaneously and integrate them later, making it possible to capture and manage even the most expansive buildings quickly and efficiently.
Field Tags further enhance the efficiency of on-site work by allowing users to add on-site observations and tags during the scanning process. No more repeat visits to capture missed details—everything can be documented in real-time, ensuring accurate, comprehensive records of the space are captured at the moment they matter most. This feature keeps teams aligned and projects moving forward without unnecessary delays.
Lastly, Matterport introduces one-click bill-back processing, a highly anticipated feature for enterprise customers. This simple yet powerful tool removes the headache of manual invoicing and cost allocation, allowing organizations to easily distribute expenses across departments and external partners. By automating billing processes, Matterport reduces administrative burdens and empowers teams to focus on what matters most.
About MatterportMatterport, Inc. (Nasdaq: MTTR) is the World’s #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing. Learn more at matterport.com and browse a gallery of digital twins.
Photo – https://mma.prnewswire.com/media/2517052/Matterport_Defurnish_Tool.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/matterport-fall-2024-release-insights-meets-imagination-elevates-the-platform-with-generative-ai-and-more-302260461.html
Artificial Intelligence
xtype Raises $21M from Norwest Venture Partners and ServiceNow Ventures to Fuel Innovation on the ServiceNow Platform
xtype has attracted the attention of global investors due to the success of its innovative multi-instance management platform, helping enterprise customers scale their ServiceNow investments.The new funding will support xtype’s mission to help companies globally expand their ServiceNow operations.This round also included participation from returning investors Columbia Capital, Inner Loop Capital, and SaaS Ventures.COVINA, Calif., Oct. 1, 2024 /PRNewswire/ — xtype, the leading software company for multi-instance management on the ServiceNow platform, today announced it had raised a $21 million Series A funding round led by Norwest Venture Partners, with participation from ServiceNow Ventures and existing investors including Columbia Capital and Inner Loop Capital. This milestone marks a significant leap forward in xtype’s mission to revolutionize how organizations manage their ServiceNow environments.
With this new capital infusion, xtype will scale its cutting-edge platform, providing organizations with unmatched real-time visibility, governance, and automation for their ServiceNow instances across development, testing, and production.
The funding will also fuel the expansion of xtype’s presence globally, ensuring more businesses can take complete control of their ServiceNow environments quickly and precisely.
“We are excited to have the support of such esteemed partners in both the tech and venture capital sectors. Their belief in our vision validates our approach and accelerates our mission to redefine multi-instance management for the ServiceNow platform,” said Ron Gidron, CEO and co-founder of xtype. “This funding validates our vision that multi-instance management is key to helping customers achieve as much value as possible from the ServiceNow platform. Our platform empowers teams to accelerate innovation, remain compliant, and increase productivity by gaining real-time insights into their entire ServiceNow ecosystem while automating complex processes to reduce risk and improve productivity.”
Driving Innovation with Multi-Instance Management
The growing complexity of managing multiple instances has become a critical challenge for mid and large enterprises. As organizations scale, managing version control, update sets, and synchronization across development, testing, and production environments become labor-intensive and error-prone. xtype’s platform solves this problem by offering comprehensive visibility into instance differences, automated synchronization, and governance tools that ensure secure and compliant operations at every stage.
“As a stand-out tool on the ServiceNow platform, xtype delivers immediate ROI through enhanced governance, increased team capacity and release velocity, improved quality and backlog reduction. These strengths have attracted a growing number of Fortune 500 companies to adopt xtype,” said Dave Zilberman, general partner at Norwest Venture Partners. “But it’s not only the product that is exceptional. The experienced xtype team brings a clear vision for excelling in a large and rapidly growing market. We look forward to working with xtype as they continue to deliver streamlined ServiceNow experiences and captivate new audiences.”
ServiceNow World Forum in Dallas, October 8th
To showcase the latest advancements in instance management, xtype invites customers and partners to join them at the ServiceNow World Forum in Dallas, Texas on October 8. Attendees will be able to see firsthand how xtype drives the future of multi-instance management, with live demos, on-stage presentations, and in-depth discussions on improving visibility, governance, and automation for their ServiceNow environments.
“ServiceNow Ventures is proud to support xtype as the company continues to empower customers to derive as much value as possible from their ServiceNow investment,” said Victor Chang, Vice President of ServiceNow Ventures. “xtype has a deep understanding of the ServiceNow community and differentiated ability to deliver the capabilities they need most – from reducing time to value to improving governance across instances. We look forward to seeing their continued impact.”
About xtype
Founded in 2020, xtype is the leading provider of multi-instance management for ServiceNow platform teams, providing real-time visibility, governance, and automation capabilities to simplify and accelerate delivery and compliance on the ServiceNow platform. Trusted by global enterprises in banking, insurance, healthcare, and beyond, xtype empowers teams to innovate faster, ensuring compliance and reducing operational risk.
About Norwest Venture Partners
Norwest Venture Partners is a global venture and growth equity investment firm managing more than $15.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors, focusing on enterprise, consumer, and healthcare. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel. For more information, please visit www.nvp.com.
About Columbia Capital
Columbia Capital is a venture capital firm based in Alexandria, VA. Since 1989, the Columbia Capital team has invested in digital infrastructure, enterprise technology, and mobility, raising $7.1B in fund commitments. Columbia Capital has developed a profitable and repeatable investment model, guided by a specialized and experienced team, and invested in over 175 portfolio companies, many of which have redefined or created new industries.
About Inner Loop Capital
Inner Loop Capital is a pre-seed and seed venture capital firm investing at the intersection of Infrastructure Software and AI. Inner Loop invests in “AI for Infra” (AI innovations for Cybersecurity, Cloud, and other Infrastructure Software) and “Infra for AI” (new infrastructure layers needed for the ubiquitous deployment of AI). Inner Loop is managed by solo VC Justin Label, is based in Baltimore, MD, and invests throughout North America and abroad. Founded in 2019, Inner Loop is currently investing out of a Fund II. For more information, please visit innerloopcap.com.
For media inquiries, please contact:
YourStory PR for xtypeEmail: [email protected] Phone: +1 778.772.0754
Photo – https://mma.prnewswire.com/media/2516726/xtype_team.jpgPhoto – https://mma.prnewswire.com/media/2516728/xtype_ServiceNow.jpgLogo – https://mma.prnewswire.com/media/2055507/xtype_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/xtype-raises-21m-from-norwest-venture-partners-and-servicenow-ventures-to-fuel-innovation-on-the-servicenow-platform-302262767.html
-
Artificial Intelligence4 days agoCluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
-
Uncategorized4 days agoMC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award
-
Artificial Intelligence4 days agoHyperlink InfoSystem Takes the Spotlight as a Top AI Development Company in USA 2024
-
Uncategorized4 days ago
Prime Minister concludes successful visit from President of France to Canada
-
Artificial Intelligence4 days agoHow AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
-
Artificial Intelligence4 days agoWondershare to Showcase Enterprise Solution Excellence at GITEX GLOBAL 2024
-
Uncategorized4 days ago
Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards
-
Artificial Intelligence4 days agoAnti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
