202123 Nov

Simpro raises $350M as demand grows for field service automation software

Summary

The new funding brings Simpro’s total capital raised to nearly $400 million, which CEO Sean Diljore says will be put toward product development and customer support with a particular focus on global trade and construction industries. The company’s platform provides quoting, job costing, scheduling, and invoicing tools in addition to capabilities for reporting, billing, testing assets, and planning preventative maintenance. Somewhat concerningly from a privacy standpoint, AroFlo offers what it calls a “driver management” feature that uses RFID technology as a way of logging which field service worker are driving which work vehicles. “For these businesses, cloud-based software became a necessity for survival when previously it was a ‘nice to have.” Simpro competes with Zinier, which last January raised $90 million to automate field service management via its AI platform. According to Tracxn, of the over 3,400 companies developing “field force automation” solutions (which include customer service tracking, order management, routing optimization, and work activity monitoring), more than 700 attracted a cumulative $5.8 billion from investors from 2018 to 2020.

Source: Venturebeat

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