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Cloud-based Field Service Management Startup ServiceMax Raises $82M in Funding

Cloud-based Field Service Management Startup ServiceMax Raises $82M in Funding Image Credit: ServiceMax

ServiceMax, the global leader in cloud-based field service management solutions, has raised a sum of $82 million in Series F funding round led by Bangalore-based Premji Invest together will its existing investors including GE Ventures and PTC, bringing its total capital raised to $202 million.

ServiceMax helps companies  to manage contracts, scheduling, and parts, while also providing solutions for social, portals, and analytics leveraging cloud to connect information to mobile devices. ServiceMax claims that over 400 companies are currently relying on them for managing their field service operations. Clients served by ServiceMax include companies in the communications, medical and utilities sectors.

According to ServiceMax, it will use the new capital infusion to continue the rapid expansion of its global operations, grow sales, support, and marketing worldwide, and increase product development. Earlier this year ServiceMax and PTC, a leading Internet-of-Things (IoT) firm announced a partnership to provide customers with a seamlessly integrated product that combines modern field service management with connected device management.

ServiceMax CEO Dave Yarnold
In fact, we’re seeing that service is rapidly becoming the killer app for the Internet of Things. Having a robust field service solution to manage smart, connected machines will enable a company’s service organization to evolve from being reactive to proactive and eventually predictive.

Brett May, Head of Ventures and Business Development, GE Software
To transform the future of work, industry requires digital tools and capabilities that connect workers, data and machines. Our investment in ServiceMax reflects GE’s commitment to improving field service automation by giving employees access to the right information at the right time, regardless of location. With this approach to field services, ServiceMax technology will help drive a shift in productivity, quality and customer service – and advance the Industrial Internet.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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