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ServiceMax closes Series F funding to improve field service automation

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ServiceMax will use the funding for the rapid expansion of its global operations, grow sales, support, and marketing worldwide, and increase product development to meet the evolving needs of  companies globally.

ServiceMax, a cloud-based field service management solutions provider has closed $82 million Series F round of funding led by Premji Invest. The round also included new investors GE Ventures, PTC Inc., and Cloud Apps Capital, and existing investors Emergence Capital Partners, KPCB, Mayfield, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures, and Trinity Ventures. This latest round brings the total capital raised by ServiceMax to $202 million.

ServiceMax 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 to meet the evolving needs of leading companies globally.

“With 400 companies relying on ServiceMax as their mobile field service solution, we’ve clearly established ourselves as the global market leader. We’re thrilled to secure financing that will enable us to continue investing in this massive market opportunity and fuel the convergence of field service and the Internet of Things,” said ServiceMax CEO Dave Yarnold.

Brett May, Head of Ventures and Business Development, GE Software said that 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,” he added.

Earlier this year ServiceMax and PTC, an Internet of Things (IoT) key player announced a partnership to provide customers with a seamlessly integrated product that combines modern field service management with connected device management.

Bangalore-based Premji Invest, the private investing arm of Wipro Limited’s Chairman Azim Premji, joins ServiceMax to help grow the business globally following the company’s addition of 140 new customers last year and 200 percent growth in Europe, prior to the opening of a new office in Japan.

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