Cloud maintenance and asset management platform maker Maintenance Assistant, Inc. has raised $5 million Series A in a round led BuildGroup.

Founded in 2008, Maintenance Assistant develops maintenance software solutions that are said to transform enterprise maintenance operations by eliminating waste and costly downtime, while at the same time managing risk.

The company offers software in three categories: a computerized maintenance management system (CMMS) platform called MA CMMS which has been installed in over 30,000 businesses around the world since its launch, and a more recently re-launched version as a cloud Software-as-a-Service that has attracted thousands of new users; a multi-tenant cloud Platform-as-a-Service (PaaS) architecture that enables third parties to provide a white label version of MA CMMS to their customers, allowing their partners to quickly build and deploy innovative cloud and mobile CMMS solutions for their customers; and a parts and supplies marketplace that services the maintenance industry that offers offers millions of items for purchase or sale from within their CMMS application or directly on-line.

Maintenance Assistant’s modern cloud platform is claimed by the company to have quickly won over the small to medium business (SMB) market and more recently gained significant traction within the enterprise market, due to its emphasis on simplifying maintenance and asset management for even the most complex operations.

Usage wise, the company achieved record growth in 2015, doubling its revenue and closing the strongest Q4 in their history.

“We’re very proud of the milestones our team has hit in the last year,” Maintenance Assistant Chief Executive Officer Marc Castel said in a statement sent to SiliconANGLE. “But there’s more to do for our customers. For too long they’ve been locked into technologies that were frozen in time more than a decade ago. With this investment from BuildGroup, we can more aggressively challenge the status quo and deliver new value to the market. It’s time for enterprise customers to have a better choice.”

Growing market

The enterprise asset management market is expected to reach $4.23 billion by 2019 according to Research and Markets, Inc., with a compounded annual growth rate of 9.6 percent.

Traditionally the market has been served by onsite management software with cloud service providers relatively late to the game, and this is the market Maintenance Assistant is chasing.

“As cloud-based solutions have displaced on-premise software, the market has experienced tremendous growth,” the company said. “Maintenance Assistant is the leading enterprise-class solution fully developed on a modern cloud platform, positioning it as the best option for today’s enterprise. Not only does the platform reduce implementation and integration complexity, it is delivered with a SaaS model that ensures legacy costs aren’t passed on to the customer.”

Prior to this round, Maintenance Assistant had raised an undisclosed seed round from investors including MaRS Investment Accelerator Fund, Golden Triangle Angelnet, Niagara Angel Network, and others.

The company said it would use the new funding to double its headcount, and to fuel the growth in their mid-market and enterprise segments.

Image credit: Maintenance Assistant.