MaintainX Series C: Increasing Frontline Production Capacity by Reducing Equipment Downtime and Streamlining Regulatory Audits

Today marks a momentous day for MaintainX. I am beyond excited to share some incredible news with our community. We have officially closed our Series C funding round, securing $50 million to accelerate MaintainX’s product roadmap with additional AI and data-driven functionality for manufacturing and industrial companies everywhere. The new funding brings our valuation to $1 billion.

This milestone is not only a testament to our team’s dedication to improving the efficiency, safety, and precision of frontline and industrial professionals, but also to the trust and belief that our investors have placed in our vision for revolutionizing enterprise asset management.

Leading the funding round is Bain Capital Ventures (BCV), with participation from existing investors Bessemer Venture Partners, Amity Ventures, August Capital, and Ridge Ventures. These investors bring a wealth of knowledge, resources, and commitment to our growth and mission. We are also excited to welcome some amazing company operators to our cap table, including former GE CEO Jeff Immelt, Twilio CEO Jeff Lawson, Bain Capital Senior Advisor Steve Pagliuca, former Coupa Software Chair and CEO Rob Bernshteyn, Toast Chair and CEO Chris Comparato, PagerDuty Chair and CEO Jennifer Tejada, and former Gainsight COO Allison Pickens.

We are inspired by what the future holds. As we look ahead, I want to share how we wound up where we are today — with over 6,500 customers, 15 million work orders processed, and 2.5 million assets managed on MaintainX.

Reflecting on the Journey

MaintainX started with a simple idea: 80% of the workforce is not sitting at a desk. The majority of these folks are up on their feet because they need to do some form of work execution on a piece of equipment or facility. In short, wherever there’s a piece of equipment or facility, there’s a frontline professional who needs to manage it.

The state-of-the-art system of record for these folks was a clipboard and a walkie-talkie — that could not be how we orchestrated work and managed our physical world in the 21st century. What was crazier is that while they were holding a clipboard in their hands, they had in their pocket a supercomputer with a front and back camera connected at high speed to each other.

This data is lost in filing cabinets, and it can’t give you real-time, globally learned insights when you have to turn the wrench.

To fix this, we started by building a solution that loaded in equipment and facilities, connected data sources like IoT sensors, and was, in effect, something we lovingly called “checklists on equipment with chat.” We’ve come a long way since.

Every step on this journey has been fueled by customer needs and feedback and the conviction that modernizing the way factories and facilities run, work is executed, and data is harnessed is the key to unlocking value for the customers we serve.

Today, MaintainX is an enterprise asset management platform that allows frontline operations to add hours of production capacity by ensuring equipment doesn’t break, through predictive and preventive maintenance; gets fixed fast when it does break, through clear logic workflows, critical parts inventory, and purchase order management; and doesn’t hurt workers or the environment, through digitizing the safety walkthroughs, OSHA audits, EPA audits, and other regulatory compliance. Our mission is to increase operational and equipment uptime in a sustainable and safer way.

What This Means for MaintainX and Our Community

Imagine a world where every frontline professional is transformed into a knowledge worker. A world where the data from machines and the work done on them is streamed back and insights are generated in real time. A world where the equipment and facilities that power our lives run at the utmost safety, reliability, and sustainability.

With this new investment, we’re poised to scale our operations and enhance our offerings in multiple ways:

• Product Development: We’re doubling down on our commitment to innovation, with plans to enhance our current offerings and roll out new features that meet the evolving needs of our users. We launched two new major features today: Resource Planning and Asset Health insights.
• Talent Acquisition: The heart of MaintainX is our people. We plan to attract more of the brightest minds to join us on our mission, enriching our workplace and making sure our customers get the best possible customer experience, from product education to implementation and beyond.
• Market Expansion: We’re builders at heart and we’ll continue developing innovative products and services that further support frontline and industrial companies in smart, data-driven ways that unlock even more value.

A Heartfelt Thank You

We simply couldn’t have made it to where we are today without the team around us.

To our new investors, thank you for believing in our vision. To our existing investors who have supported us since the early days, we are grateful for your continued trust and guidance.

To our amazing team, thank you for your incredible hard work and unwavering spirit. Your creativity, persistence, and unmatched understanding of the challenges that frontline teams face are the driving forces behind our success.

And to our customers and partners, none of this would be possible without you. Your enthusiasm for MaintainX has been our inspiration and motivation to innovate faster, to ensure that we’re meeting and exceeding your needs.

As we embark on this next exciting phase of the company, I want to reaffirm our commitment to you. We remain dedicated to delivering the exceptional value you’ve come to expect from MaintainX, and we are eager to bring you along on our journey of growth and innovation.

With gratitude and excitement,

Chris Turlica

Co-Founder & CEO