MaintainX Raises $39 Million to Digitize and Revolutionize Industrial Operations

By Thomas Price Wednesday, June 9, 2021

Production operator conducting checks.

Despite the surge in frontline and industrial labor in recent years, business practices have largely remained the same. As a result, this industry is open to many areas of improvement that could become more effective, efficient, and productive. MaintainX is a tech startup capitalizing on becoming the catalyst for those changes. Through the mobile platform and its company app, MaintainX looks to digitize many business operations and improve workflow for frontline and industrial workers. The company recently raised Series B funding to expand its presence.

How MaintainX Works and Effectiveness of Platform

Tech startup MaintainX has developed a mobile workflow platform that can be accessed online or through the MaintainX app available for all Android and iOS devices. The workflow management product essentially takes traditional business practices that still use spreadsheets and clipboards, and replaces them with centralized digital versions.

The use of mobile apps to manage workflow stemmed from industrial jobs where workers are on their feet constantly moving about the building. The app allows them to have the flexibility that a stationary computer does not. The MaintainX app can also be fully integrated into existing workflow programs such as Slack and Quickbooks to ensure a seamless adoption process.

MaintainX increases productivity and efficiency significantly by allowing a business to track reactive and preventative maintenance, oversee safety inspections, and manage daily checklists.

In fact, using the company app has resulted in a 25% reduction in maintenance costs, a 40% increase in productivity, and a 30% reduction in training costs. The effectiveness of the tech startup has attracted several major clients in the restaurant and hospitality industry, including Marriott, Hilton, McDonald’s, and Burger King.

This new influx of high-level clients has pushed the tech startup to new heights. Since March of 2020, the company has experienced a 12x revenue surge, in addition to an increase of 6x its total number of customers.

MaintainX Funding and Future Plans

In the Series B funding round for the company, MaintainX raised $39 million in capital. The funding round was led by Bessemer Venture Partners with participation from Amity Ventures, Vulcan Capital, August Capital, Ridge Ventures, and OldSlip Group. Other individual investors also provided capital for this funding round.

The company plans to use the money to expand business operations, increase total staff, improve the platform, and invest in sales and marketing. As demand remains steady, the tech startup will scale up its capabilities to meet its customers’ needs.

When commenting on the latest funding and the value of the business platform, CEO and co-founder of the tech startup, Chris Tulrica, said, “Wherever there is a piece of equipment or a facility, there is a frontline worker managing it. The surprising truth is that the majority of frontline and industrial operations still rely on paper and clipboards as their system of record, which slows processes, drags down productivity, and costs billions of dollars each year in time and money. Digitizing workflows is a critical need for the more than 2.7B deskless workers worldwide and MaintainX provides the most intuitive and holistic platform to move frontline and industrial workers beyond the clipboard and into the future of work."

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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