Software company MaintainX has raised $50m in Series C funding round led by Bain Capital Ventures (BCV).

The US-based company’s existing backers Amity Ventures, Bessemer Venture Partners, August Capital and Ridge Ventures participated in the round.

Multiple new investors such as Twilio CEO Jeff Lawson, former GE CEO Jeff Immelt, Coupa Software CEO and Toast chairman and CEO Chris Comparato, among others also invested in MaintainX.

The latest round takes the total funds raised by MaintainX to $104m and values it at $1bn.

MaintainX develops software for customers in manufacturing, facilities, and hospitality, to support operations and maintenance, while ensuring regulatory compliance and enhancing productivity.

The technology provider plans to use the new funding to expand operations, develop new products and talent acquisition.

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MaintainX has also released new tools to expedite maintenance procedures and boost data-driven decision making.

These include a suite of artificial intelligence tools for maintenance operations, a resource planning tool for workforce planning and scheduling, and a solution to offer real-time insights into the state and health of assets and maintenance activities.

MaintainX counts Brenntag, Cintas, Duracell, McDonald’s, Michaels, Shell, The DeLong, Titan America and Univar Solutions among its clients.

MaintainX CEO and co-founder Chris Turlica said: “We are building the backend for the industrial world. Production capacity and efficiency has proven to be of utmost importance in recent years, and that will only increase in our global economy.

“Our mission is to build software that keeps the physical world running and we have never been more excited by the road ahead.”

BCV partner Merritt Hummer said: “MaintainX has emerged as the best-in-class software platform for work order management. It was purpose built for frontline workers, empowering them to be more efficient every day.

“We have been impressed by the growth and breadth of MaintainX’s customer base, demonstrating that the team is addressing a widespread need for productivity software for frontline workers across industries.”