Fiix, a Toronto-based maintenance and asset management software provider, has raised about $53 million (US$40 million) in a Series C financing.
The round was led by Canadian growth equity firm Georgian Partners. It was joined by BuildGroup, which led Fiix’s Series A and B financings.
Georgian Managing Partner Simon Chong joined the board.
Founded in 2008 and led by CEO James Novak, Fiix creates software that helps businesses plan and schedule their maintenance to increase production and decrease unplanned downtime. It reports revenue growth in the past year of more than 90 percent.
Fiix will use the funds raised to continue scaling and explore new technologies, such as artificial intelligence, internet of things and predictive maintenance capabilities.
Fiix Raises $40M Series C to Accelerate Growth and Software Capabilities
Jan. 29, 2019, Toronto, ON. – Fiix, announced today that it has closed a $40 million USD Series C investment to continue helping organizations on their journey to modern maintenance. The round was led by Georgian Partners, with participation from previous investor BuildGroup. Fiix has announced that Simon Chong, Managing Partner at Georgian Partners, has joined the company’s board of directors as part of the round.
Fiix, a Toronto-based maintenance and asset management software provider, was one of the first entrants in the cloud-based maintenance software space. The company has seen demand for its user-friendly computerized maintenance management system (CMMS) skyrocket over the past few years. In the past year alone, the company has doubled headcount and grown revenue by more than 90% as more organizations opt to move from pen and paper to digital systems.
Fiix’s CMMS helps businesses better plan and schedule their maintenance in order to increase production and decrease unplanned downtime—essential factors for production and equipment-intensive verticals, such as manufacturing, energy, and construction in North America to remain competitive in the face of globalization.
The new investment will be used to continue scaling the company’s go-to-market capacity and make key investments in technology in order to advance Fiix from an essential maintenance tool to a comprehensive maintenance platform. Specifically, the capital will enable Fiix to explore new technological trends, including AI, IoT and predictive maintenance capabilities in order to better address evolving market needs.
“We have seen unprecedented changes in technology and massive global competition force operations to change, which has put pressure on maintenance teams to evolve. At Fiix, our primary goal is to partner with our customers to help them navigate this evolution through digital transformation. This also includes developing the technology to help them meet new challenges head-on as the market continues to grow and evolve,” says James Novak, CEO of Fiix.
The maintenance and asset management sector has been historically dominated by legacy systems that lack the agility to adapt to swift changes in the industry. Fiix’s cloud-based CMMS is leading a categorical digital shift in the industry— the company is enabling customers to securely run maintenance and asset management software over the Internet without having to buy, install, and manage any hardware. This needed modernization is allowing maintenance teams to reach bigger goals and provide a higher quality of service to stakeholders.
“Fiix is leading the maintenance and asset management industry to a complete digital revolution with its unique cloud-based CMMS software. We are thrilled to partner with Fiix as they continue to set a new standard, moving from solely reactive to preventive and predictive maintenance capabilities using machine learning. The industry is at a pivotal point of change and Fiix is in the ideal position to drive major advancements,” says Simon Chong, Managing Partner at Georgian Partners.
Fiix is already experiencing incredible momentum. On top of strong year-over-year growth, the company has already become a fixture in Toronto’s technology community through its commitment to building a different kind of company via a triple bottom line of people, planet and profit. This financing round will allow Fiix to continue its social mission, further develop its market-leading software and ultimately fuel the company’s continued evolution.
Fiix Inc. creates easy-to-use, intelligent maintenance management software that empowers businesses to organize their maintenance departments and turn data into actionable insights. Its innovative multi-tenant cloud-based CMMS mobilizes the maintenance workforce with an unparalleled mobile experience and seamlessly interfaces with enterprise software to connect your entire organization—revolutionizing how thousands of companies worldwide schedule, organize, and track maintenance.
Learn more at www.fiixsoftware.com.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies leveraging applied artificial intelligence, trust and conversational AI. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages its global software expertise to directly impact the success of companies. For more information, visit www.georgianpartners.com.
BuildGroup is a company that selectively invests in leadership teams with staying power. We back founders who are ambitious enough to want to make a dent in the universe and humble enough to realize they can’t do it alone.
By providing permanent capital from aligned investors and avoiding forced exits, BuildGroup frees entrepreneurs to focus on serving customers instead of raising the next round. We believe that great businesses are built, not bought, and that’s why our team works side-by-side with founders to create conditions for long-term growth.
BuildGroup was founded in Austin, Texas by a team of proven builders who love nothing more than helping build and grow extraordinary companies.
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