San Francisco-based MaintainX, a startup that provides an AI-powered work execution and enterprise asset management platform, announced a $50 million Series C funding round this week. The investment was led by Bain Capital Ventures (BCV), with participation from existing investors Bessemer Venture Partners, Amity Ventures, August Capital and Ridge Ventures.
The funding values the 4-year-old startup at over $1 billion and brings its total raised to date to $104 million.
The fresh injection of capital comes on the heels of rapid growth for MaintainX. Over the past year, the company has increased its revenue 13x and now counts over 6,500 customers, including industrial leaders like Shell, Titan America, Cintas, and Univar Solutions.
“We are building the backend for the industrial world,” said MaintainX CEO and Co-Founder Chris Turlica. “Our mission is to build software that keeps the physical world running."
MaintainX targets an antiquated yet crucial software market: enterprise asset management (EAM) solutions for frontline industrial workers.
Industrial companies rely on proper maintenance of machinery and facilities to ensure smooth operations. But the systems used to schedule repairs, track equipment health, and monitor compliance have changed little in decades, still centered around paper forms and clipboard checklists.
This dated approach leads to inefficient maintenance workflows, limited visibility into asset health, and preventable equipment failures that cause costly downtime.
As aging infrastructure continues to operate past intended lifespans, smarter condition monitoring and predictive maintenance is required. Yet most EAM solutions fail to meet the needs of non-desk workers managing operations on-site.
Purpose-built as a mobile-first platform for frontline teams, MaintainX modernizes maintenance execution in several key ways:
- Digitizes paper-based procedures into structured, searchable checklists that technicians can access on-site via mobile devices.
- Automates work order creation, planning and scheduling to balance workloads.
- Provides real-time visibility into asset health with AI-powered insights that help predict failures before they cause downtime.
- Ensures regulatory compliance with digitized tracking of safety and environmental audits.
- Analyzes telemetry from sensors and internet-connected equipment (IoT) to recommend predictive maintenance.
Customers like Cintas see clear benefits from adopting MaintainX:
“The insights MaintainX provides improve our decision making, helping us prevent equipment downtime and predict maintenance needs before they become costly problems,” said Mark Bolen, VP of Quality and Engineering at industrial uniform provider Cintas.
The new funding from Bain Capital Ventures and others will accelerate MaintainX’s product roadmap further into artificial intelligence.
Upcoming capabilities include maintenance recommendation engines, automated data quality checks, and enhanced asset health dashboards. MaintainX also plans major hiring pushes across engineering, product and customer success teams.
“We have been impressed by the growth and breadth of MaintainX’s customer base, demonstrating that the team is addressing a widespread need for productivity software for frontline workers across industries,” said Merritt Hummer, Partner at lead investor BCV.
By combining workflow digitization, industrial IoT connectivity, and artificial intelligence, MaintainX aims to help companies modernize maintenance execution - achieving new levels of equipment reliability, operational efficiency and sustainability.