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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, makes it the newest entrant to the unicorn membership this 12 months. The funding will assist MaintainX broaden its analysis and growth, improve its synthetic intelligence capabilities, and develop its buyer base.
The corporate, based in 2018, affords a cellular platform that permits frontline staff to speak with their managers, monitor their duties, entry manuals and checklists, and report points in real-time.
The platform additionally collects and analyzes knowledge from numerous sources, equivalent to sensors, tools utilization and components stock, to offer insights and proposals for bettering operational effectivity and lowering downtime.
MaintainX’s software program is already utilized by greater than 6,500 clients throughout a variety of industries, together with manufacturing, power, hospitality, and meals and beverage. A few of its notable clients are Duracell, Marriott, Volvo, AB InBev, McDonald’s and the U.S. Division of Agriculture.
In an unique interview with VentureBeat, Chris Turlica, the CEO and co-founder of MaintainX, mentioned that the corporate’s imaginative and prescient was to create a “zero-downtime future” for industrial operations, through the use of synthetic intelligence and enormous units of real-time knowledge to preemptively establish and stop potential breakdowns and operational hiccups.
“We’re at the moment the chief in our market, and we need to maintain working quicker than everybody else,” he mentioned within the instant wake of the fundraising announcement. “The primary factor by far is R&D. There’s a lot knowledge that MaintainX is capturing every single day from IoT sensors to components utilization, and there’s much more we need to do with that knowledge to offer insights to those firms.”
A brand new era of software program customers
Turlica additionally mentioned 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 aren’t the old-school IT guys, however the precise customers of the software program, the frontline staff, the plant managers, the upkeep managers,” he mentioned. “They’re those who’re making the selections, and they’re in search of software program that’s simple to make use of, simple to deploy, and simple to combine with their current methods.”
Merritt Hummer, a accomplice at Bain Capital Ventures, who led the funding and joined MaintainX’s board of administrators, mentioned 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 mentioned. “The mixture of the standard of the founding group, the large market alternative, and the efficiency of the enterprise to this point, all three are extraordinary.”
Hummer additionally mentioned 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 clients.
“We’re house owners of dozens of very giant firms, producers, industrials, firms, distributors, who’re excellent potential clients for MaintainX,” she mentioned. “And so a giant a part of our thesis is that we can 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 properly with related firms.”
A rising market alternative
The commercial upkeep sector, which is estimated to be value greater than $49 billion globally, in accordance with 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 international 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 equivalent to UpKeep, Fiix, and eMaint, has seen its income develop 13 instances 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 capacity 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 underscores MaintainX’s traction.
As synthetic intelligence and large knowledge proceed to form the way forward for numerous industries, MaintainX’s give attention to these areas could place the corporate advantageously within the market. With its mission to cut back operational downtime by leveraging AI, MaintainX is about to disrupt the commercial upkeep sector in a serious manner.