Nuvolo raises $31M Series C funding to grow its enterprise asset management software and accelerate global expansion
Nuvolo, a Paramus, New Jersey-based tech startup that develops Enterprise Asset Management (EAM) software on the ServiceNow platform, announced today it has raised an additional $31M in Series C funding led by global venture capital and private equity firm Insight Partners. Nuvolo is in a competitive space. Its competitors include TeamViewer, Dynatrace, PagerDuty, and Talkdesk.
Nuvolo said it will the new capital to expand its workforce in addition to bolstering its industry leading technology stack as part of aggressive investment and acceleration of its product roadmap over the next two years.
Founded in 2013 by Tom Stanford, Nuvolo provides cloud-based connected workplace solutions, Built on NOW. From a single platform, Nuvolo helps businesses to manage all people, all physical locations, all assets, and all work. Industries served include healthcare, life sciences, retail, government, higher education, technology, financial services, and enterprise.
Today, Nuvolo serves more than 1,550 clients globally. Traditionally, teams would need to work through several disparate systems to manage things like real estate and lease portfolios, operational technology, facilities and assets, workspace optimization, and environmental sustainability standards. Nuvolo Connected Workplace extends beyond the traditional IWMS scope by offering modern field service management (FSM) and innovative and capable cybersecurity protection for network-connected non-IT devices.
“Connected Workplace is the future of workplace service management for the enterprise. To lead this market transformation, we are committed to providing our customers and partners with world-class capability for maintenance, space, capital projects, real estate, sustainability, FSM, and OT security, all built natively on the ServiceNow platform,” said Tom Stanford, Nuvolo CEO. “Connected Workplace is the realization of a sustained, long-term commitment to disrupt a $10B+ addressable market for legacy IWMS, EAM, FSM, and CMMS. Insight Partners understands our business and will drive the greater velocity of our connected workplace strategy and help us best serve the needs of a growing portfolio of customers and partners globally.”
Nearly two-thirds of businesses are investing in modern facilities and workplace services technologies over the next year. Workplace transformation is now a board-level initiative for the enterprise. Modern IWMS or connected workplace solutions are a necessity for these organizations to streamline workflow and workplace management in a single platform rather than trying to manage multiple disparate systems across the enterprise.