ServiceMax boosts IoT appeal as funding tops $200m

Cloud-based field service management provider ServiceMax has attracted corporate investors with a special interest in the Internet of Things (IoT) as part of an $82 million ‘series F’ round of funding announced yesterday.

The new round brings the Salesforce partner’s total venture funding to $202 million, with GE Capital and PTC joining the round as new investors.

GE is a significant player in what it likes to call the ��Industrial Internet’, while product design and management company PTC has become one of the leading players in the industrial Internet of Things market after its acquisition of IoT platform developer Thingworx in 2013. This year PTC further bolstered its position with a deal to buy machine learning and predictive analytics vendor ColdLight, around the same time as ServiceMax announced a partnership with PTC