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ServiceMax Closes $82 Million Round Led by Premji and GE

The round brings the cloud-based field service management application's total capital raised to $202 million.

jtyler via iStock

ServiceMax, a company that has built a cloud-based application that companies use to manage the process of servicing and maintaining equipment, said Wednesday it has closed an $82 million round of funding.

The Series F round was led by PremjiInvest, the investment firm known for overseeing the personal wealth of Indian tech billionaire Azim Premji; the industrial giant GE; and PTC, a manufacturing technology company best known as the owner of Thingworx, an industrial Internet-of-Things outfit. The round brings ServiceMax’s total capital raised to $202 million. Its last investment came last year when it raised $71 million in a round led by Meritech Capital.

Another investor is; ServiceMax is notable in part because its entire service is built on Salesforce’s platform. That means the computing and software infrastructure used to build it is the same used to power Salesforce.

Its main customers are those that manage big fleets of service trucks and personnel. It’s a business known as field service management.

You’ve probably had an occasion when a repair person arrived to fix a refrigerator or dishwasher, only to find he or she was missing the correct part or tool and needed to come back. ServiceMax aims to make sure these people have all the info they need before they show up on the scene.

Usually the software that companies use to manage this process is a hodgepodge of home-grown combinations that don’t work so well. With ServiceMax playing nice with Salesforce, there’s a pretty good chance that a corporate customer’s information and history — what product they have and how often it has had problems — is already known. And even though it’s built on Salesforce’s platform, the application talks to applications from SAP and Oracle, too.

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