Venture Capital

MaintainX Lands $50 Million Series C

SAN FRANCISCO — MaintainX, a maintenance and frontline work execution platform, has announced $50 million in Series C funding led by Bain Capital Ventures (BCV) with participation from existing investors Bessemer Venture Partners, Amity Ventures, August Capital and Ridge Ventures. Other strategic new investors include Jeff Immelt the former CEO of GE, Jeff Lawson the CEO of Twilio, Steve Pagliuca a Senior Advisor to Bain Capital, Rob Bernshteyn the CEO of Coupa Software, Chris Comparato the Chairman and CEO of Toast, and Allison Pickens the former COO of Gainsight.

The new capital will help MaintainX expand its features including 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 with a unicorn valuation of $1 billion.

MaintainX is used by over 6,500 companies worldwide, including companies like Duracell, Brenntag, Cintas, Shell, Titan America, and many more. They rely on MaintainX to prevent downtime and ensure 24/7 operations. MaintainX prevents costly failures and ensures regulatory compliance by arming teams with the right data, while increasing productivity of maintenance workers and other frontline staff by digitizing workflows.

Fixed assets average 24 years old while still in operation, the highest age since 1947 according to the Bureau of Economic Analysis. By better maintaining infrastructure, ensuring preventive maintenance compliance, and providing asset and plant-level data insights, companies using MaintainX achieve higher productivity. As aging infrastructure is replaced, smarter machines generate more data and frontline workers using MaintainX evolve into knowledge workers empowered with the right insights.

“We are building the backend for the industrial world,” said Chris Turlica, CEO and Co-Founder of MaintainX. “Production capacity and efficiency has proven to be of utmost importance in recent years, and that will only increase in our global economy. Our mission is to build software that keeps the physical world running and we have never been more excited by the road ahead.”

“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.”

The company says it has grown revenue 13x since its Series B financing.

“MaintainX has emerged as the best-in-class software platform for work order management. It was purpose built for frontline workers, empowering them to be more efficient every day,” said Merritt Hummer, Partner at BCV. “We have been impressed by the growth and breadth of MaintainX’s customer base, demonstrating that the team is addressing a widespread need for productivity software for frontline workers across industries.”

In addition to funding, MaintainX is introducing new products to streamline maintenance operations and drive data-driven decision making. These include:

  • AI-powered Maintenance Operations: A suite of AI tools that empower your frontline teams and improve overall data quality to quickly digitize paper-based SOPs and maintenance procedures, improve the efficiency of frontline workers, and help prevent downtime before it happens.
  • Asset Health Insights: In-depth reporting dashboards that give maintenance, reliability and operations leaders real-time insights into the status and condition of assets and maintenance operations across plants and facilities.
  • Resource Planning: Workforce planning and scheduling that make it easy to balance workloads across frontline teams and ensure critical work gets done on time – all in one screen.

“With MaintainX, Duracell can now better evaluate parts and equipment, leading to reduced stock variability,” said Jarrod Kipp, North America Product Supply Process Transformation Manager at Duracell. “We expect immediate cost savings to be $50,000 per site on parts inventory savings alone.”

“The insight companies can access about their industrial supply chains from ERP system data from SAP is extended with MaintainX,” said Michael O’Donnell, SVP and GM of Digital Supply Chain at SAP North America. “Looking ahead, I am excited for how this collaboration will unlock further value and improve our joint customers’ operational and cost efficiencies.”