Dive Brief:
- MaintainX secured $50 million in funding to accelerate its maintenance and work execution platform, according to a Dec. 6 release.
- The company plans to use the funding to add AI-driven predictive capabilities, asset health insights and resource planning to help operators address what Bain Capital Ventures partner Merritt Hummer calls “a widespread need for productivity software for frontline workers.” BCV led the most recent round of funding.
- The company has seen a 13-fold increase in revenue since its previous $29 million funding round in 2021, it said, raising its valuation to $1 billion.
Dive Insight:
The average age of fixed assets in operation has increased by about five years since 1983, to almost 24 years in 2020 — the highest since 1947, according to data from the U.S. Department of Commerce’s Bureau of Economic Analysis. Preventing costly failures of these aged assets, while complying with regulatory requirements involves digitizing workflows and providing teams with “the right data,” MaintainX says.
MaintainX says that its mobile-first software-as-a-service platform delivers asset and facility-level data insights to help companies prevent downtime, achieve higher productivity and ensure preventive maintenance compliance. It currently lists 6,500 customers across the facilities management, manufacturing, industrial, logistics and hospitality industries, including Brenntag, Cintas, Duracell, Univar, McDonald’s, Michaels and Shell.
The maintenance technology firm has added to its platform a suite of AI tools that enable front-line teams to digitize paper-based maintenance forms and standard operating procedures and asset health reporting dashboards that give operators real-time information on the status and condition of maintenance operations across facilities. New workforce planning and scheduling features allow teams to stay informed on maintenance tasks on a single screen, it said.
“We are building the backend for the industrial world,” MaintainX co-founder and CEO Chris Turlica said in the release. “Production capacity and efficiency has proven to be of utmost importance in recent years, and that will only increase in our global economy. Our mission is to build software that keeps the physical world running.”
In addition to Bain Capital Ventures, the funding round participants included existing investors Bessemer Venture Partners, Amity Ventures, August Capital and Ridge Ventures. New strategic investors the released named included Jeff Immelt, former CEO of GE; Jeff Lawson, CEO of Twilio; Steve Pagliuca, senior advisor to Bain Capital; Rob Bernshteyn, CEO of Coupa Software; Chris Comparato, chairman and CEO of Toast; and Allison Pickens, former COO of Gainsight.
