File Photo / Tim Greenway
Joe Powers
Updated: April 23, 2024
Portland industrial software startup HighByte raises $12M
Photo / Danielle Sykes
HighByte, a Portland-based industrial software startup, just raised $12 million in a Series A funding round, bringing the total to $16.5 million in equity funding so far. The company was founded by, from left, John Harrington, Torey Penrod-Cambra and Tony Paine.
HighByte, a Portland-based provider of industrial software, has just raised $12 million in venture funding to use for research and development and other purposes.
The Series A round, announced Tuesday during the Hannover Messe trade fair in Germany, brings the company’s equity funding total to $16.5 million.
HighByte said it will use the $12 million mainly for research and development, strategic partner management and accelerating market penetration and expanding deployments in existing accounts.
“This investment validates our mission and will be essential for the next stage of our growth,” said HighByte CEO Tony Paine.
Paine is the former Kepware CEO who led that Portland company’s $100 million sale to Massachusetts-based PTC Inc. (Nasdaq: PTC) in 2016. In 2018, he joined forces with fellow Kepware alumni John Harrington and Torey Penrod-Cambra to launch HighByte. The trio have more 50 years of combined experience in industrial data.
HighByte has been in a spotlight since Penrod-Cambra won the $50,000 grand prize in the 2021 Gorham Savings Bank LaunchPad business-pitch competition. At the time, HighByte had a team of nine employees, and she spoke of a "tech talent war" in her winning pitch.
Today, HighByte employs 29 people, according to Penrod-Cambra.
Standard Investments, a New York-based company that invests in innovative growth companies "at the intersection of the digital and physical worlds," is leading HighByte's $12 million venture funding round.
“HighByte’s unique Industrial DataOps platform enables data collection analysis, and applications that can dramatically improve physical industrial operations,” said Ben Sampson, managing director of Standard Investments, who will join HighByte's board of directors.
“At Standard Investments, we’re focused on investing in companies that leverage technology to shape the industrial world and we’re excited to partner with HighByte in its next stage of growth," he added.
Existing HighByte investors, including Exposition Venture and Maine Venture Fund and outstanding convertible note holders, also participated in the round.
"Maine Venture Fund's investment into HighByte reflects our mission to invest into companies with the highest potential for growth and impact in Maine," Joe Powers, Maine Venture Fund's managing director, told Mainebiz.
"We're excited by this team's deep experience and thoughtful approach to building a leading brand and product in an expanding marketplace," Powers added. "We're equally impressed with their partnership with Standard Investments for this round, which will significantly accelerate their journey."
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