MaintainX Raises $150M in Series D Funding, Valuation Hits $2.5B

MaintainX, a company specializing in equipment maintenance and asset management, has secured $150 million in Series D funding, resulting in a valuation of $2.5 billion. This latest funding round brings the total raised by the San Francisco-based startup since its establishment in 2018 to $254 million. Notably, the valuation has more than doubled from the $1 billion valuation achieved during the previous $50 million Series C funding round in December 2023. Key investors in this round include Bessemer Venture Partners, Bain Capital Ventures, Amity Ventures, and D.E. Shaw Ventures, among others.

MaintainX serves over 11,000 global companies and manages more than 11 million assets across various sectors, such as manufacturing, facilities management, food and beverage, and distribution centers. CEO and co-founder Chris Turlica highlighted the company's use of artificial intelligence to assist customers in reducing unplanned asset downtime and minimizing parts and labor costs, emphasizing an approach that enhances human capability with AI rather than replacing it.

The funding round reflects the sustained investor interest in AI-related companies, with the second quarter showing significant AI funding activity. According to Crunchbase data, the AI sector received around 45% of global funding in the second quarter, with over a third directed to Scale AI. Over the past year, nearly half of U.S. venture funding went to AI-related enterprises, with the majority allocated to later-stage ventures.