XOEye Technologies, a enterprise wearables solutions company that is reshaping industrial business processes, announced on Monday (December 8th) the commitment of $1.5 million towards its $2 million Series A funding round. The financing round, which will remain open for 90 days, is currently co-led by venture firms Crestlight Ventures in Silicon Valley and Nashville-based Selous Venture Society.
Once closed, the new round will bring the company’s total funding to $5.2 million since its inception in 2010. The proceeds will be used to fuel the company’s rapid growth, fulfill initial customer contracts and significantly expand its engineering team.
CEO of XOEye Technologies, Aaron Salow stated,”This raise represents a significant milestone in the growth and development for our company as we transition from a research and development start-up to a fully operational organization on the forefront of the enterprise wearables transformation. We believe that enterprise wearables will become a transformative necessity over the coming years and a mandate for efficiency, workplace safety, and compliance across many sectors. We are prepared to invest in our engineering team and operational excellence initiatives to ensure that XOEye is strategically positioned to dominate enterprise wearables across the blue-collar landscape.”
XOEye’s technology combines wearable devices with a customized operating system, XOLinux, and cloud-based software for an end-to-end solution that together facilitates hands-free managerial telepresence, remote employee training and monitoring, remote diagnostics and quality control, and more. XOEye Vision, the company’s device-agnostic, cloud-hosted management suite, enables users to capture, quantify and transform data into actionable intelligence. Through this platform, XOEye provides valuable workplace data for enhanced operational efficiencies.
“With the ever-increasing requirement for real-time communications in the workforce and the overwhelming data supporting wearables in the enterprise, we are pleased to continue our support of XOEye Technologies,” explained David Borlo, Managing Partner at Crestlight Ventures. “We are confident in XOEye Technologies’ business plan and laser focus on industrial and labor-intensive markets, and that they will continue to be a market-leading player in the rapidly evolving enterprise smart wearables sector.”
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