Cash injection will be used to focus on asset-centric industries, firms says.

ServiceMax have announced $80 million in growth funding led by new investor Salesforce Ventures and existing investor Silver Lake. This additional funding is expected to fuel accelerated growth, deepen product development and support digital transformation and customer experience in verticals such as manufacturing, medical devices, energy, heavy equipment and other industrial markets.

It comes after ServiceMax has earned notable industry analyst recognition, including being named a Leader in the Gartner Magic Quadrant for Field Service Management for four consecutive years, a Leader in the first IDC MarketScape Report for Field Service Management, and most recently named a Leader in the IDC MarketScape Report for Service Parts Management. The investment from Salesforce Ventures further enhances the commitment between Salesforce and ServiceMax, who are long-time partners, to develop innovative breakthrough technologies designed to help customers transform their businesses in field service.

"ServiceMax has been a force in equipment and asset-centric industries for over a decade," said Bill Patterson, EVP and GM of CRM Applications at Salesforce. "ServiceMax's solution on the Salesforce Platform has delivered great value for joint customers, and we look forward to further collaboration."

"We are excited to be joined by our partners at Salesforce Ventures in our investment in ServiceMax," said Ken Hao, Chairman and Managing Partner of Silver Lake. "The announcement validates the company's market position and follows a record-breaking year for ServiceMax, including the largest new customer deal closed and the biggest year in company history."

"Our mission is to help field service teams keep the world running, and the market to enable them with modern, innovative technology is a $34B opportunity," said Neil Barua, CEO of ServiceMax. "We're proud to continue to deliver the most innovative solutions available with ServiceMax's field service management solution, to ensure uptime on the world's most important assets."