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Field technician-focused CRM platform ServiceMax gets $71M in new funding

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March 5
2:02 PM 2014

Pleasanton, California-based customer relationship management or CRM platform specifically catered for field technicians ServiceMax has raised $71 million in its most recent funding round, VentureBeat reported.

The round was led by Meritech Capital and participated in by Kleiner Perkins Caufield & Byers as well as new backers Cross Creek Advisors, QuestMark Partners and Sozo Ventures which gave a "significant" contribution. Current investors which included Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners and Salesforce.com also participated in the round, the report said.

The cloud-based platform of ServiceMax seeks to aid the more than 20 million field technicians do their work better. Its features include a calendar that has space for details of a work order and driving directions to repair locations. It also allows field techs to record the historical details of equipment and clients. While the ServiceMax app can work on various mobile devices like smartphones and laptops, it tends to be popularly used with tablets, the report said.

ServiceMax Chief Executive Officer David Yarnold told VentureBeat in an interview, "When our customers show up with the iPad app, they know everything about their customer, they have the right parts in the van, they can do that job very quickly, and they can send an invoice to that customer before they even leave the customer site."

While ServiceMax has no plans to go public this year, following Veeva Systems successful debut last year, Yarnold said his company is doing good business. For the past six years, it had posted a growth of over 100%. There are already over 300 clients using the platform, with such names as GE, Bombardier Kodak and Canon on its roster. Companies pay about $1,000 for every technician each year to use the subscription service. Yarnold added that its revenues now are in the "healthy eight figures, heading toward nine figures," the report said.      

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