MaintainX, a leading operations software platform, has announced a $50 million funding round led by Bain Capital Ventures, which has delivered a $1 billion valuation for the company.
There was fresh participation from existing investors, Bessemer Venture Partners, Amity Ventures, August Capital, and Ridge Ventures in Maintain, who can count on the likes of McDonald’s, Shell, Duracell, and Brenntag on its client list.
As detailed in the press release on Wednesday, “The new capital will accelerate the MaintainX feature roadmap, with additional AI-driven predictive capabilities and data-driven functionality.”
“Following the company’s Series B in June 2021, this investment brings total funding to $104 million while achieving a valuation of $1 billion.”
It was also confirmed that several new strategic investors have been welcomed into the fold, comprising senior executives at organizations such as Twilio, Coupa Software, and Toast.
Chris Turlica, CEO and co-founder of MaintainX, expressed his satisfaction with the investment.
“We are building the backend for the industrial world,” he said.
“Production capacity and efficiency have proven to be of utmost importance in recent years, and that will only increase in our global economy.”
Mr Turlica added, “Our mission is to build software that keeps the physical world running, and we have never been more excited by the road ahead.”
Making business sense
The company, based in San Francisco, California, utilizes its software to enable manufacturing, facilities, and hospitality organizations to monitor its operations and ultimately, productivity.
A key asset of the technology embedded in the software is that it contributes to ensuring user regulatory compliance.
One of those is Cintas, with the business services corporation speaking highly of their confidence in MaintainX and why the buy-in makes business sense for them.
“MaintainX is an investment in our company’s future,” said Mark Bolen, VP of Quality and Engineering at Cintas.
“The insights MaintainX provides improve our decision-making, helping us prevent equipment downtime and predict maintenance needs before they become costly problems.”
“Through our partnership with MaintainX, we’re building a data foundation that we can take advantage of for many years to come.”
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