San Francisco-based MaintainX announced $50 million in new funding — including $11 million from a Series A in 2019 — as the company looks to ride its wave of growth after increasing revenue 12x since the pandemic.
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The $39 million Series B round led by Bessemer Venture Partners, with participation from Amity Ventures, Vulcan Capital, August Capital, Ridge Ventures and OldSlip Group, as well as UiPath’s founder and CEO Daniel Dines and the company’s head of strategy, Brandon Deer. Founded in 2018, MaintainX has now raised $54 million.
The company has developed a mobile-first platform for industrial and frontline workers to help track maintenance, safety and operations. Its workflow management solution basically attempts to replace the older spreadsheets and clipboards in use at many factories and industrial facilities with digital tools to keep equipment running and an estimated 2.7 billion deskless workforce safe, said co-founder and CEO Chris Turlica.
“This is a critical space,” Turlica said. “If you get something wrong someone can die.”
New money, new market
Aside from revenue growth, MaintainX also increased its customer base 6x since early last year, Turlica said. The company will use the new capital to push that growth as it looks to add to its 43-person staff, increase sales and marketing, and work on its platform.
While MaintainX replaces a lot of pens and paper, it also competes with solutions from SAP and IBM that helped launch the computerized maintenance management system sector, as well as startups like Los Angeles-based UpKeep.
The company was not looking to raise a Series B, but had been in contact with Bessemer for years and an investment “felt timely” after growing last year, Turlica said.
Byron Deeter at Bessemer called the space “extremely nascent,” but added it’s a “killer app segment” that is growing as it is still being defined.
“It’s an evolving market,” he said. “You can’t just point and say we are disrupting this specific sector.”
Nevertheless, he added he believes that market evolution will build large companies.
“We are definitely betting this could be a multibillion company,” he said.
Illustration: Li-Anne Dias.
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