MaintainX Secures $150M Funding, Reaches $2.5B Valuation with AI-Powered Equipment Maintenance Platform

Equipment maintenance startup MaintainX valued at $2.5 billion in latest fundraise

July 9 (Reuters) - MaintainX has raised $150 million in its latest fundraising round, valuing the equipment maintenance startup at $2.5 billion, the company said on Wednesday. The round brings the company's total external funding to $254 million, following a trend among mature startups to remain private-for-longer amid choppy IPO market conditions. The new capital will be used to develop MaintainX's artificial intelligence and machine health monitoring capabilities, aiming to replace a widely used manual approach to equipment hygiene. The funding round saw participation from Bessemer Venture Partners, Bain Capital and D. E. Shaw Ventures. Reporting by Ateev Bhandari in Bengaluru; Editing by Maju Samuel Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Technology

The AI Effect: MaintainX Sees Valuation Jump To $2.5B With $150M Series D Raise

MaintainX, which operates an equipment maintenance and asset management platform, has raised $150 million in Series D funding, the company announced on Wednesday. The financing boosts the San Francisco-based startup's valuation to $2.5 billion, and brings its total raised since its 2018 inception to $254 million. The valuation is more than double the $1 billion MaintainX was valued at when it raised a $50 million Series C in December 2023. Existing backers Bessemer Venture Partners, Bain Capital Ventures, Amity Ventures and others, including D.E. Shaw Ventures, participated in the latest round. It's not clear if any one firm led the raise. MaintainX works with over 11,000 companies globally, managing over 11 million assets across manufacturing, facilities management, food and beverage, distribution centers, and more. CEO and co-founder Chris Turlica said his company is able to help its customers do things like cut back on unplanned asset downtime as well as parts and labor costs with artificial intelligence. The company says its approach "centers on amplifying human capability [with AI] rather than replacing it." The round is another example of the appetite investors have for AI-related companies. Per Crunchbase data, the recently ended second quarter was another blockbuster for AI funding. About $40 billion -- or around 45% of global funding -- went to the sector, with more than a third invested in Scale AI alone. All in all, the past three quarters saw record funding to the AI sector. And over the past year, nearly half of U.S. venture funding went to AI-related enterprises, Crunchbase data shows. Later stage had the largest share, with roughly 61% of venture deals related to AI. Related Crunchbase queries: Related reading:

MaintainX nabs $150M for its equipment maintenance platform - SiliconANGLE

MaintainX Inc., a startup working to make industrial equipment more reliable, today announced that it has raised $150 million in funding. The Series D round included the participation of Bessemer Venture Partners, Bain Capital Ventures and more than a half dozen others. MaintainX is now valued at $2.5 billion. That's up from the $1 billion it was worth following a 2023 funding round. MaintainX provides a cloud platform that companies can use to monitor the health of factory robots, conveyor belts and other physical assets. The software uses data from industrial sensors to detect when a piece of equipment requires maintenance. A sudden jump in an edge server's operating temperature, for example, may indicate that its fan should be replaced. When a machine malfunctions, maintenance teams create a document called a work order that describes what repairs must be carried out. The work order often lists the specific steps that technicians should carry out during the troubleshooting process. Historically, creating that checklist was time-consuming because it required reviewing complicated hardware manuals. MaintainX's platform includes an artificial intelligence assistant that speeds up the task. According to the company, it enables technicians to create a work order with natural language prompts. The AI also highlights potential inaccuracies in the data collected about a malfunctioning machine, which reduces the risks of troubleshooting mistakes. Alongside work orders, MaintainX can provide technicians with information about the past repairs carried out on a machine. The platform also tracks the spare parts that were used in each repair. This data makes it easier to identify the root cause of recurring malfunctions. For managers, MaintainX provides a tool that can be used to assign repairs to technicians and monitor the status of each project. Another feature tracks a company's inventory of spare parts. When a part is about to run out, MaintainX generates an alert and automatically creates a purchase order. "Equipment failures cost companies $1.4 trillion annually, and many still rely on outdated tools," said MaintainX co-founder and Chief Executive Officer. "We built MaintainX to change that." MaintainX says that its installed base comprises more than 11,000 organizations. Those companies use its software to manage about 11 million assets in factories, logistics warehouses and other facilities. MaintainX claims that it helps customers reduce unscheduled equipment downtime by up to 34% while lowering maintenance costs.