PremjiInvest Leads $82 Million Investment In California-Based ServiceMax

PremjiInvest, the private investment network of Wipro chairman Azim Premji, has led an $82 million Series F investment round in California-based field service management solutions company ServiceMax.

The investment round brings the total capital raised by ServiceMax to $ 202 million. ServiceMax operates in the field service management software space which is estimated to be worth $18 billion globally.

ServiceMax claims it provides end-to-end mobile and cloud-based solutions to 20 million professionals who install, maintain and repair machines across the globe. The company currently services 400 companies.

The recently raised capital will be used to grow sales, support, and marketing worldwide, and increase product development.

ServiceMax is the fourth international firm PremjiInvest has backed over the past one year. Most notably, it led a $80 million round of funding in alternate-Android developer Cyanogen who’s software runs on millions of smartphones globally.

Apart from PremjiInvest, investors such as GE Ventures, PTC Inc., Cloud Apps Capital, Emergence Capital Partners, KPCB, Mayfield, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures, and Trinity Ventures also took part in the round.

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