Enterprise asset management provider Nuvolo has just landed $10 million in a Series A funding round led by GE Ventures, the venture capital arm of General Electric Company.

Nuvolo offers software as a service to the healthcare, life sciences and pharmaceutical industries to help them better manage digital assets such as medical devices and laboratory equipment. Its software is built atop of ServiceNow Inc.’s cloud platform and is priced on a per user, per month basis, over a three-year contract. The company says its software is used to manage more than 3,550 hospitals and 5.5 million enterprise assets in the U.S., Canada and Europe.

Nuvolo’s software enhances asset management by effectively creating a single system of record that’s used to track medical devices. Each device can therefore be tracked wherever it’s used, serviced on a regular basis and audited consistently. As a result, the software makes it less likely that customers will have to deal with faulty equipment that could have an adverse effect on patient outcomes.

“Nuvolo is a disruptive technology that is delivering previously unachievable improvements in enterprise service management for our customers,” said Tom Stanford, chief executive officer of Nuvolo, in a statement.

Founded in 2013, Nuvolo is now in the process of trying to expand into new industries, including hi-tech manufacturing and convenience retail. The company says the main rivals its trying to disrupt include legacy computerized maintenance management system providers such as IBM Corp.’s Maximo, Infor and Archibus Inc.

The new round brings Nuvolo’s total funding to over $12 million. The company said it plans to use the new capital to accelerate its global expansion plans, hire more people and boost its investments in innovation, sales and customer success. Existing investors New Enterprise Associates and ServiceNow Ventures also participated in the round.

“Together with NEA and ServiceNow, we are thrilled to back Nuvolo’s fast growth,” said Noah Lewis, managing director of GE Ventures. “Nuvolo’s ability to enable the healthcare industry to optimize operations and better manage costs is core to our investment strategy.”

Image: Nuvolo