Crestlight Ventures and Selous Venture Society have co-led a $1.5 million investment in wearable services business XOEye Technologies. The funding is part of a targeted $2 million Series A funding round, which will remain open for 90 days. If XOEye hits its target, the company will have raised a total of $5.2 million since its 2010 inception.
XOEye Technologies; a leading enterprise wearables solutions company that is reshaping industrial business processes today announced 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.
“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,” said XOEye Technologies CEO, Aaron Salow. “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,” said 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.”
About XOEye Technologies
XOEye is pioneering a renaissance in the way manufacturing, industrial and widely distributed organizations operate with its industrial-grade wearable technology solutions. It combines wearable computing devices with a custom-fit operating system and cloud-based software for an end-to-end solution that provides a real-time technology solutions for both employee and customer. Business processes including training, remote support, sales, service and auditing can now be fully supported remotely while improving productivity, efficiency, and service quality. XOEye’s XOLinux operating system and cloud-based XOEye Vision ™ application suite are accessible through its open API and developer portal, offering enterprises access to these applications.
About Crestlight Ventures
Crestlight Ventures was founded by industry veterans with deep experience developing connected companies, products and teams across retail and manufacturing in Fortune 100 and startup companies. Powered by our proprietary Lean Equity for Startups™ model, Crestlight fills the critical void between seed stage and Series-A investments. Our investment team has collectively built a global startup and innovation lab ecosystem for the world’s largest enterprise software company, been founding members of leading connected companies, and made dozens of seed-stage investments in Internet of Things startups. For more information: http://www.crestlight.com.
Selous Venture Society (SVS) is a Nashville-based angel group founded by Vic Gatto who has been successfully investing in early stage companies for many years. SVS has many established relationships which generate a large volume of 500+ investment opportunities each year. SVS is highly selective and drives attractive financial terms while providing Members 8-10 investment opportunities each year. Selous has also built systems and established relationships to manage a very large portfolio of high-growth start-up companies. For more information about Selous, please visit: http://selousventuresociety.com.