Workflow management startup MaintainX raises $50m to accelerate revenue growth
MaintainX, the mobile-first workflow management platform for industrial and frontline workers, announced a $39 million Series B round led by Bessemer Venture Partners, with participation from Amity Ventures, Vulcan Capital, August Capital, Ridge Ventures, OldSlip Group, alongside UiPath's founder and CEO Daniel Dines and Head of Strategy Brandon Deer.
The new funding - together with its seed and a previously unannounced $11M Series A round in 2019 - provides a total of $54 million to accelerate MaintainX's massive revenue growth since early 2020 as it continues to attract customers by boosting industrial and frontline worker productivity.
The company's software provides an advanced suite of features designed to free industrial and frontline workers from clipboards and spreadsheets with digital tools that streamline workflows and boost productivity. With MaintainX workers track reactive maintenance, preventive maintenance, and control daily business operations, like safety inspections, quality inspections, and operating checklists - all with a digital audit trail. The result is millions of completed work orders and inspections with less wasted time and human error, improved safety and full visibility into assets and distributed operations across the entire organization.
Chris Turlica, CEO and Co-founder, MaintainX: "Wherever there is a piece of equipment or a facility, there is a frontline worker managing it. The surprising truth is that the majority of frontline and industrial operations still rely on paper and clipboards as their system of record, which slows processes, drags down productivity, and costs billions of dollars each year in time and money. Digitizing workflows is a critical need for the more than 2.7B deskless workers worldwide and MaintainX provides the most intuitive and holistic platform to move frontline and industrial workers beyond the clipboard and into the future of work."
The MaintainX SaaS platform enjoys a 98% customer retention rate and is trusted by thousands of companies across more than 20 countries - including AB InBev, Titan America, and Ergon - to manage hundreds of thousands of physical assets. The software enables customers to rapidly create standard operating procedures and work orders while putting documentation, learning resources, and best-of-breed communication tools at mobile workers' fingertips.
MaintainX also announced additions to its board of directors including venture luminaries Lobby Capital Founding Partner David Hornik, Amity Ventures' co-founder and Managing Partner CJ Reim, six-time tech founder and angel investor Peter Yared, and repeated Midas List investor Byron Deeter of Bessemer Venture Partners. Deeter brings a wealth of experience in the SaaS and cloud space, including steering 19 cloud startups - like Twillio, ServiceTitan, Box, and DocuSign - to billion-dollar "unicorn" status, and his expertise will help steer MaintainX's continuing evolution into a global enterprise software leader.
"Industry is the heartbeat of our economy and productivity and efficiency are more important than ever for manufacturing as the country gets back to work. Yet, industrial customers are still underserved by the opportunities SaaS can provide," says Deeter. "MaintainX fills a gaping hole in a huge market with best-in-class software that delivers the mobile-first performance needed to boost the productivity of industrial and frontline workers at a critical time."
AB InBev, the world's largest brewer and an innovative leader in supply chain and operational efficiency, started deploying MaintainX's mobile solution to streamline workflows for its industrial workers and optimize its operations.
Akil Cox, Maintenance Planner, AB InBev: "MaintainX is very easy to use and in the hands of our frontline team members resulted in an increase in corrective and preventive maintenance that translated into an average 15% boost in line efficiency and yield. That's a huge impact, but what stands out to me is how it integrates with our enterprise resource planning (ERP) software that allows us to calculate our work-hour utilization, maintenance plan attainment, and view future maintenance plans with just a few clicks."
Founded in 2018, MaintainX saw rapid growth during the pandemic as organizations sought to solve complex logistical challenges, manage distributed workforces and mobile teams, and develop smarter and more resilient workflows. Revenues grew 12X from early 2020, with customers in sectors including heavy industry, municipal maintenance, hospitality, education, and healthcare reporting a 40% increase in productivity, a 30% decrease in training expenses combined with a 25% saving in maintenance costs after switching to MaintainX.