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MaintainX, a San Francisco-based startup that gives software program for industrial upkeep, quietly introduced on Wednesday that it has raised $50 million in a Collection C funding spherical led by Bain Capital Ventures (BCV), one of many largest traders in growth-stage firms.
The funding, which valued the company at $1 billion, making it the most recent entrant to the unicorn membership this 12 months, will assist MaintainX develop its analysis and improvement, improve its synthetic intelligence capabilities, and develop its buyer base.
The corporate, based in 2018, gives a cellular platform that enables frontline staff to speak with their managers, monitor their duties, entry manuals and checklists, and report points in actual time.
The platform additionally collects and analyzes information from numerous sources, resembling sensors, tools utilization, and components stock, to supply insights and suggestions for enhancing operational effectivity and decreasing downtime.
MaintainX’s software program is already utilized by greater than 6,500 prospects throughout a variety of industries, together with manufacturing, vitality, hospitality, and meals and beverage. A few of its notable prospects are Duracell, Marriott, Volvo, AB InBev, McDonald’s, and the U.S. Division of Agriculture.
In an unique interview with VentureBeat, Chris Turlica, the chief government and co-founder of MaintainX, stated that the corporate’s imaginative and prescient was to create a “zero-downtime future” for industrial operations, through the use of synthetic intelligence and huge units of real-time information to preemptively establish and stop potential breakdowns and operational hiccups.
“We’re presently the chief in our market, and we wish to maintain working quicker than everybody else,” he stated within the fast wake of the fundraise announcement. “The primary factor by far is R&D. There’s a lot information that MaintainX is capturing each day from IoT sensors to components utilization, and there’s much more we wish to do with that information to supply insights to those firms.”
A brand new era of software program customers
Mr. Turlica additionally stated that the corporate’s software program was designed to cater to the wants and preferences of a brand new era of frontline professionals and buying managers, who worth user-friendly and intuitive software program stacks.
“We’re seeing a altering of the guard within the industrial sector, the place the brand new consumers will not be the old-school IT guys, however the precise customers of the software program, the frontline staff, the plant managers, the upkeep managers,” he stated. “They’re those who’re making the selections, and they’re searching for software program that’s straightforward to make use of, straightforward to deploy, and straightforward to combine with their present methods.”
Merritt Hummer, a accomplice at Bain Capital Ventures, who led the funding and joined MaintainX’s board of administrators, stated that she was impressed by the corporate’s progress, product high quality, and buyer satisfaction.
“MaintainX is without doubt one of the finest rising growth-stage firms on the market, full cease,” she stated. “The mixture of the standard of the founding group, the big market alternative, and the efficiency of the enterprise to this point, all three are extraordinary.”
Ms. Hummer additionally stated that Bain Capital, which has a portfolio of greater than 400 firms, together with many industrial and manufacturing companies, might assist MaintainX scale up and attain new prospects.
“We’re house owners of dozens of very giant firms, producers, industrials, firms, distributors, who’re good potential prospects for MaintainX,” she stated. “And so a giant a part of our thesis is that we will add worth to the corporate by facilitating introductions and inspiring a few of our firms to undertake the software program that we all know has resonated so nicely with comparable firms.”
A rising market alternative
The commercial upkeep sector, which is estimated to be value greater than $49 billion globally, in response to Allied Market Analysis, has seen elevated demand for software program options that may assist optimize workflows, cut back prices, and guarantee compliance. The COVID-19 pandemic, which disrupted world provide chains and compelled many companies to undertake distant work fashions, has additionally accelerated the adoption of digital applied sciences within the sector.
MaintainX, which competes with different gamers resembling UpKeep, Fiix, and eMaint, has seen its income develop 13 occasions since its earlier funding spherical in 2021, when it raised $39 million in a Series B round led by Bessemer Enterprise Companions.
The corporate’s success in securing substantial funding for R&D signifies investor confidence in its mission and its skill to leverage synthetic intelligence to remodel industrial upkeep. Additionally, participation within the funding spherical from high-profile enterprise leaders like former GE CEO Jeff Immelt, underscore MaintainX’s traction.
As synthetic intelligence and large information proceed to form the way forward for numerous industries, MaintainX’s deal with these areas might place the corporate advantageously within the market. With its mission to cut back operational downtime leveraging AI, MaintainX is about to disrupt the economic upkeep sector in a serious means.