ServiceMax scores $80M funding to transform and advance the future of field service

Field service management, the management of a company’s resources employed at or en route to the property of clients, rather than on company property, is critical to the success of OEMs, operators, and 3rd-party service providers. ServiceMax is a tech startup and provider of cloud-based software platform for equipment manufacturers and service providers. To meet increasing demands for its service, ServiceMax announced it has raised $80 million in growth funding led by new investor Salesforce Ventures and existing investor Silver Lake.

ServiceMax will use the additional funding to fuel accelerated growth, deepen product development and support digital transformation and customer experience in verticals such as manufacturing, medical devices, energy, heavy equipment and other industrial markets.

Founded in 2007 by Athani Krishnaprasad, Hari Subramanian, and Neil Barua, the Pleasanton, California-based ServiceMax is one of the global leadersin Service Execution Management, a software category that includes both Field Service Management and Asset Service Management. Built on the Salesforce platform, ServiceMax offers a suite of field service applications that provide customers a complete view of their assets, enabling them to run more profitable, efficient service operations in complex, asset-intensive industries.

The investment from Salesforce Ventures further enhances the commitment between Salesforce and ServiceMax, who are long-time partners, to develop innovative breakthrough technologies designed to help customers transform their businesses in field service.

“ServiceMax has been a force in equipment and asset-centric industries for over a decade,” said Bill Patterson, EVP and GM of CRM Applications at Salesforce. “ServiceMax’s solution on the Salesforce Platform has delivered great value for joint customers, and we look forward to further collaboration.”

“We are excited to be joined by our partners at Salesforce Ventures in our investment in ServiceMax,” said Ken Hao, Chairman and Managing Partner of Silver Lake. “The announcement validates the company’s market position and follows a record-breaking year for ServiceMax, including the largest new customer deal closed and the biggest year in company history.”

“Our mission is to help field service teams keep the world running, and the market to enable them with modern, innovative technology is a $34B opportunity,” said Neil Barua, CEO of ServiceMax. “We’re proud to continue to deliver the most innovative solutions available with ServiceMax’s field service management solution, to ensure uptime on the world’s most important assets.”