MaintainX Inc., a startup working to make industrial equipment more reliable, today announced that it has raised $150 million in funding.

The Series D round included the participation of Bessemer Venture Partners, Bain Capital Ventures and more than a half-dozen others. MaintainX is now valued at $2.5 billion. That’s up from the $1 billion it was worth following a 2023 funding round.

MaintainX provides a cloud platform that companies can use to monitor the health of factory robots, conveyor belts and other physical assets. The software uses data from industrial sensors to detect when a piece of equipment requires maintenance. A sudden jump in an edge server’s operating temperature, for example, may indicate that its fan should be replaced.

When a machine malfunctions, maintenance teams create a document called a work order that describes what repairs must be carried out. The work order often lists the specific steps that technicians should carry out during the troubleshooting process. Historically, creating that checklist was time-consuming because it required reviewing complicated hardware manuals.

MaintainX’s platform includes an artificial intelligence assistant that speeds up the task. According to the company, it enables technicians to create a work order with natural language prompts. The AI also highlights potential inaccuracies in the data collected about a malfunctioning machine, which reduces the risks of troubleshooting mistakes.

Alongside work orders, the platform can provide technicians with information about the past repairs carried out on a machine. It also tracks the spare parts that were used in each repair. This data makes it easier to identify the root cause of recurring malfunctions.

For managers, MaintainX provides a tool that can be used to assign repairs to technicians and monitor the status of each project. Another feature tracks a company’s inventory of spare parts. When a part is about to run out, it generates an alert and automatically creates a purchase order.

“Equipment failures cost companies $1.4 trillion annually, and many still rely on outdated tools,” said co-founder and Chief Executive Officer Chris Turlica. “We built MaintainX to change that.”

MaintainX says its installed base comprises more than 11,000 organizations. Those companies use its software to manage about 11 million assets in factories, logistics warehouses and other facilities. MaintainX claims that it helps customers reduce unscheduled equipment downtime by up to 34% while lowering maintenance costs.

The company will use the proceeds from its new funding round to hire more employees and enhance its platform. As part of the development initiative, it plans to develop new features for monitoring equipment health. 

Image: MaintainX