Pleasanton, CA – June 8, 2011 — Today, ServiceMax, the award-winning creators of the first and only complete suite of cloud-based, collaborative and mobile field service applications, announced a $14 million round of Series C funding led by Mayfield Fund, a top-tier venture firm with a 42-year history of investing in relationships.
Previous investors Trinity Ventures, Emergence Capital and salesforce.com also participated in the round. The company has raised $26 million to date. ServiceMax’s latest round of funding comes on the heels of continued company growth and customer wins, with more than 380 percent year-over-year growth in first quarter 2011.
“Where on-premise solutions once reigned, organizations large and small are now adopting a cloud-based approach to manage their business processes,” said Rajeev Batra, partner at Mayfield Fund. “The field service industry is one of the ripest sectors for this change and we believe that ServiceMax is leading the way. We are proud to be working with a great team and fast-growing industry leader.”
ServiceMax is the only field service solution built on the Force.com cloud platform, offering organizations of all sizes end-to-end service operations management, from advanced scheduling & workforce optimization, to parts logistics & service contract management. ServiceMax’s award-winning iPad app harnesses the unique capabilities of the iPad and provides the mobile solution the field service industry has dreamed of for generations.
“ServiceMax’s mission is to fundamentally change the field service industry,” added Dave Yarnold, CEO of ServiceMax. “By combining amazing domain expertise with the industry’s most exciting technology, we help our customers execute on their vision of bottom line results, delighted customers and differentiation through their service offerings. Month after month and quarter after quarter, more customers are choosing ServiceMax because of our uniquely compelling value. Our goal was to rethink field service management, and, with nearly 400 percent growth, it’s clear we’re well on the road to defining a new industry standard. Now, with this new financing and the support of Mayfield, we are clearly ready to continue on this path and to expand our position as leader in field service management.”
“By leveraging the social, mobile and open capabilities of the Force.com platform, ServiceMax is transforming field-service management,” said George Hu, executive vice president, platform, marketing and operations, salesforce.com. “ServiceMax is demonstrating how the next generation of cloud computing lets field reps communicate and collaborate with experts while in the field — so they can make better decisions faster, and improve productivity.”
Record 2011 Growth
Highlights to ServiceMax’s record-breaking year include its more than 380 percent year-over-year growth in Q1 2011 and the addition of dozens of new customers, including three Fortune 25 manufacturers and six other Fortune 500 customers.
From Fortune 500 to small and mid-sized businesses, organizations of all sizes have chosen ServiceMax to transform their field service operations. ServiceMax Titanium is tailor-built for companies with fewer than 100 employees, while ServiceMax for iPad gives any business the ability to bring the power of the entire organization on any service call. The cloud based-model is quick to implement and allows companies to scale based on their needs over time.
ServiceMax was also recently named a winner of the 2011 Technology Services Industry Association (TSIA) Vision Award in the Commercial category for the ServiceMax for iPad app. ServiceMax for iPad is the first and only field service app for iPad, and extends the suite of cloud-based tools to service professionals wherever they are in the field. The TSIA Vision Award is another point of validation for the innovation ServiceMax is bringing to the space of field service management.
About Mayfield Fund
Mayfield Fund invests in relationships with entrepreneurs, institutions, and the community to transform bold ideas into industry-leading companies. With $2.7 billion under management, Mayfield invests primarily in early stage U.S. companies in the Enterprise, Consumer, Energytech, Semiconductor and Telecom sectors. The firm fosters global entrepreneurship by investing in India-based companies through its Mayfield India fund and in China-based companies with its partner GSR Ventures. Over its 42 year history, the firm has invested in more than 500 companies resulting in over 100 IPOs and more than 100 mergers or acquisitions. Notable investments include 3PAR (acquired by Hewlett Packard), Compaq, Genentech, Redback Networks, Sandisk, Slide (acquired by Google), TIBCO, and privately-held Solarcity.