Azim Premji-Owned Premji Invest Pours-in $82 Million in ServiceMax

Bengaluru: Amongst the biggest fundraisings in the cloud space this year, ServiceMax, a cloud-based field service management solutions provider, has successfully raised $82 million in its series F funding round led by Azim Premji-owned Premji Invest along with GE Ventures, PTC Inc and Cloud Apps Capital. Its existing investors – Emergence Capital Partners, KPCB, Mayfield, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures, and Trinity Ventures also contributed to this round. The company plans to utilize the fresh capital to expand its business operations across the globe and improve its sales & marketing strategies in order to enhance its product development. Prior to this, the company had raised $71 million in its Series E round led by Kleiner Perkins Caufield & Byers and Meritech Capital Partners last year.

Speaking on the occasion, Dave Yarnold, CEO, ServiceMax, says, “We are helping customers around the world leverage their service organizations to drive growth. With 400 companies relying on ServiceMax as their mobile field service solution, we’ve clearly established ourselves as the global market leader. We’re thrilled to secure financing that will enable us to continue investing in this massive market opportunity and fuel the convergence of field service and the Internet of Things. In fact, we’re seeing that service is rapidly becoming the killer app for the Internet of Things. Having a robust field service solution to manage smart, connected machines will enable a company’s service organization to evolve from being reactive to proactive and eventually predictive”.

“We’ve watched ServiceMax become the leader in the service arena by helping their customers use service to leapfrog their competition. Service is a key component for any company that wants to build loyalty, passion, and long-term commitment amongst its customers and ServiceMax embodies service. In the future, it will be rare to meet a service technician who does not have a ServiceMax product in his or her hands,” says Sandesh Patnam, U.S. Lead Investor, Premji Invest.
 
Athani Krishnaprasad, a University of Mysore alumnus, founded ServiceMax in 2007. It proffers subscription-based field service management solutions for enterprises in the areas of managing parts and returns & repairs across various networks. Its main offerings include ServicePulse, a social customer management software and ServiceMax Mobile, a field service management tool for iPads, smartphones and laptops. It assists the customers to discover innovative ideas to delight their customers by joining technicians on their service calls and also publishing the industry’s leading online publication.

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