Trinity Ventures Leads Investment in Cloud Computing Provider of Field Service Management Solutions
SANTA CLARA, CA--(Marketwire - April 13, 2010) - ServiceMax, the first and only provider of cloud-based end-to-end field service management solutions, today announced the completion of an $8 million Series B financing round led by Trinity Ventures, a boutique early stage venture firm. Previous investors Emergence Capital and Salesforce.com also participated in the round.
"Field service represents an enormous, yet neglected market," said Tim McAdam, a general partner at Trinity Ventures. "For the more than 10 million field technicians worldwide, existing solutions are hard to use, painful to implement, or too narrowly focused. ServiceMax is revolutionizing field service with a full suite of applications that helps companies maximize service revenues, cut costs, and increase customer loyalty."
Built and delivered as a native Force.com application leveraging Salesforce.com's Platform-as-a-Service cloud computing infrastructure, ServiceMax delivers cutting edge functionality that automates workforce optimization, advanced scheduling and dispatch, parts logistics, inventory & depot repair, and installed base entitlements.
"We have seen our business accelerate dramatically since our launch in 2007," said Dave Yarnold, CEO of ServiceMax. "Every day, more companies realize that the cloud computing model liberates the field service function from archaic and cobbled together solutions. With Trinity's involvement, as well as the continued support from Emergence, we'll be able to ramp our vision and operations to the next level while continuing to set the industry standard with the most innovative and easy-to-use field service solutions available."
ServiceMax recently announced several new innovations as part of its ServiceMax Three release, including:
ServiceMax OptiMax -- auto-scheduling, work force optimization, and dispatch that improves technician utilization and productivity.
ServiceMax Express -- lightning fast implementations in a packaged best practices solution, tailor fit for small & mid-sized business.
ServiceMax Chatter -- transform the way your company collaborates, connect and share valuable service information across your organization.
"ServiceMax is a leader in using cloud computing to transform the field service industry," said George Hu, executive vice president, marketing and alliances, Salesforce.com. "The speed and ease with which ServiceMax is delivering compelling new solutions in a complex industry like field service is validation that app dev in the cloud is immediate and real. By building their applications on Force.com, ServiceMax is focusing 100% of its development effort on delivering field service functionality and innovation instead of managing infrastructure."
McAdam added, "ServiceMax's vision extends well beyond field service software; it's about driving growth by optimizing service activities in the field and providing fast, tangible business value. ServiceMax is efficiently scaling their business at an incredible rate while developing new products and features faster than any of their competitors. Clearly they are ready to break out as the dominant player in the service management space."
McAdam will join ServiceMax's board of directors alongside current board members Dave Yarnold, ServiceMax CEO; Jason Green, general partner at Emergence; and Sam Mukherjee, ServiceMax founder and chief customer officer.
ServiceMax is revolutionizing Field Service. With the first and only complete suite of field service applications delivered in the cloud, ServiceMax increases both revenue and customer satisfaction by optimizing end-to-end field service operations including: workforce optimization, advanced scheduling and dispatch, parts logistics, inventory & depot repair, and installed base entitlements. Built and delivered as a native Force.com cloud application, customers are up and running quickly with a broad and deep field service solution that is completely integrated with their salesforce.com CRM. Customers include large enterprises like DuPont, Electrolux, and Pentair, and smaller companies like Everyday Wireless and Advanta Clean.
About Trinity Ventures
Founded in 1986, Trinity Ventures, a boutique firm, partners with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1 billion under management, Trinity Ventures was founded on the principle of personal engagement and mutual respect with the entrepreneurs we fund. Trinity Ventures focuses on early stage technology ventures with a particular emphasis on digital media, Internet services, mobility, security and software markets.