Startup ServiceMax, a company that develops field service software, has raised $71 million in Series E funding led by Meritech Capital and Kleiner Perkins with Cross Creek Advisors, QuestMark Partners, and Sozo Ventures participating. Existing investors that are following on are Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners, and Salesforce.com. To date, ServiceMax has raised $120 million.
ServiceMax essentially helps manage other company’s equipment at their sites. ServiceMax software automates workforce optimization, advanced scheduling and dispatch, parts logistics, inventory and depot repair, and installed base entitlements. It helps companies who install, repair, and maintain the machines in homes, offices, and hospitals.
For example, if a technician has to fix a radiation machine at a hospital, using ServiceMax, the repair person has the customer’s history available, and knows why the machine signaled it needed repair. If the technician runs into trouble he or she can use ServiceMax’s social feature to ask for help from any of the company’s global techs and if needed, could show the specific problem to someone else over FaceTime.
The company software is used by more than 300 customers across the globe including Kodak Alaris, Coca-Cola, and Arjo Huntleigh. Industries range from oil and gas and medical device to telecommunication and utilities.
ServiceMax says it has seen triple digit growth in the past year in revenue, and bookings. And the company added more than 100 customers last year alone.
So why is ServiceMax seeing growth now? The company says the installation, maintenance, and repair sector (field service) is growing rapidly– one in ten jobs created last year was in the field service industry. The field service software industry is estimated to be a $15 billion market with more than 5 million field techs in the U.S. and tens of millions more across the globe. The expansion of mobile in the sector and the ability for field techs to use devices like tablets and the iPad have also created new opportunities.
We’re told the new financing will be used to scale product, global expansion, and sales.