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ServiceMax raises $71m in Series E VC round

5 Mar 2014

Field service management company ServiceMax has closed $71m in Series E financing. The round was led by Meritech Capital with “significant” participation by Kleiner Perkins Caufield & Byers, as well as new investors Cross Creek Advisors, QuestMark Partners, Sozo Ventures, as well as existing investors Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners, and salesforce.com.

ServiceMax has more than 300 customers in industries spanning from oil and gas and medical device to telecommunication and utilities. The company said it will use the new financing to further scale all areas of its business including product, global expansion, and sales.

“The demand for software that can make sense of field service’s moving parts cannot be overstated,” said Rob Ward, managing director at Meritech Capital. “No other company offers an end-to-end, cloud-based solution that delivers the right data to the right people at the right time. ServiceMax has the opportunity to be the Kleenex of field service, synonymous with an entirely new category of software aimed at one of the largest markets in the world.”

“Field service management software is an estimated $15bn industry, and ServiceMax can be the standard,” added Kleiner Perkins Caufield & Byers partner David Mount. “The field service industry is everywhere. Every machine in a home, office, or hospital that needs to be installed, maintained, or repaired requires field service. By taking advantage of developments in cloud, social, and mobile technology, ServiceMax has become an indispensable partner to field service organizations globally.”

ServiceMax provides cloud and mobile software to field service technicians. Customers include Electrolux, Coca-Cola Enterprises, and Elekta.

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