Industrial product manufacturer General Electric has led a $10m series A round for Nuvolo, a US-based developer of asset management software for enterprise customers, through its GE Ventures unit.
ServiceNow Ventures, the corporate venturing arm of enterprise software provider ServiceNow, and venture capital firm New Enterprise Associates (NEA) also took part in the round, having previously funded Nuvolo’s $2m seed round in late 2015.
Founded in 2013, Nuvolo has created a cloud-based platform that enables businesses in field such as healthcare, life sciences and regulated manufacturing to effectively manage their assets. It is currently responsible for the management of some 5.8 million clinical devices.
Noah Lewis, managing director of GE Ventures, said: “Together with NEA and ServiceNow, we are thrilled to back Nuvolo’s fast growth as they continue to delight customers with mobile-first solutions and scale to be a leader in the multi-billion-dollar enterprise asset management market.
“Nuvolo’s ability to enable the healthcare industry to optimise operations and better manage costs is core to our investment strategy.”