US-based field service management software provider ServiceMax secured $82m in series F funding yesterday from investors including industrial conglomerate General Electric and design and service management software producer PTC.
Premji Invest led the round and was also joined by Cloud Apps Capital, Emergence Capital Partners, Kleiner Perkins Caufield & Byers (KPCB), Mayfield Fund, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures and Trinity Ventures. General Electric invested through its corporate venturing unit, GE Ventures.
ServiceMax’s cloud-based software provides a variety of services for workers who install, maintain and repair machines across a range of industries. It will spend the money on product development and expansion across the world, growing its sales, support and marketing capabilities in the process.
Brett May, head of ventures and business development for GE Software, said: “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.”
PTC’s involvement in the round followed a partnership formed with ServiceMax in May to jointly develop a software product that combines field service management with connected device management.
The round brought ServiceMax’s overall funding to $205m, $71m of which came from a March 2014 round featuring enterprise software provider Salesforce.com, Meritech, KPCB, QuestMark, Sozo, Emergence Capital, Mayfield, Trinity, Crosslink, Adams Street and Cross Creek Advisors.
Salesforce first invested in ServiceMax through its investment arm, Salesforce Ventures, as part of the company’s 2008 series A round, subsequently returning for its $8m series B and $14m series C rounds.