(Reuters) -MaintainX has raised $150 million in its latest fundraising round, valuing the equipment maintenance startup at $2.5 billion, the company said on Wednesday.
The round brings the company’s total external funding to $254 million, following a trend among mature startups to remain private-for-longer amid choppy IPO market conditions.
The new capital will be used to develop MaintainX’s artificial intelligence and machine health monitoring capabilities, aiming to replace a widely used manual approach to equipment hygiene.
The funding round saw participation from Bessemer Venture Partners, Bain Capital and D. E. Shaw Ventures.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Maju Samuel)
