Funding round to expand global sales and innovation teams and extend company's leadership position in cloud-based enterprise asset management
JERSEY CITY, N.J. — June 22, 2017
Nuvolo, the world's fastest growing cloud-based enterprise asset management (EAM) company, today announced $10 million in Series A funding. GE Ventures led the round with participation from seed round investors New Enterprise Associates (NEA) and ServiceNow Ventures. The financing will accelerate the company's global expansion plans and substantially increase investments in innovation, sales and customer success.
"Nuvolo is a disruptive technology that is delivering previously unachievable improvements in enterprise service management for our customers," said Tom Stanford, CEO of Nuvolo. "We are leading the industry by transforming the way that organizations manage, track, maintain and measure their enterprise assets, work spaces, facilities and suppliers."
Built on ServiceNow, Nuvolo is a modern, cloud-based platform that meets the highest standards for ease of use, security, availability and performance. Nuvolo's industry-leading growth is being driven by success in healthcare, life sciences and regulated manufacturing, with broader adoption across a broad range of industries for facilities EAM.
According to Noah Lewis, managing director, GE Ventures, "Together with NEA and ServiceNow, we are thrilled to back Nuvolo's fast growth as they continue to delight customers with mobile-first solutions and scale to be a leader in the multi-billion-dollar enterprise asset management market. Nuvolo's ability to enable the healthcare industry to optimize operations and better manage costs is core to our investment strategy."
Market leadership in cloud-based EAM is measured by broad adoption globally. Nuvolo is responsible for managing more than 5.8 million clinical devices across more than 3,125 healthcare providers and 3,750 service workers utilizing its EAM platform. Nuvolo is the world's largest and fastest growing clinical asset management platform.
Chetan Puttagunta, general partner at NEA, said, "The Nuvolo team very quickly achieved market validation and has already emerged as the EAM cloud category winner, rendering computerized maintenance management system (CMMS) incumbents obsolete by disrupting their capabilities in ways they have yet to figure out. The team's growth and success are the clearest indications that our rationale has been confirmed by the marketplace. We're thrilled with their success and our continuing partnership with the company."
Legacy EAM, facilities and computerized maintenance management systems (CMMS) constrain productivity, limit mobile enablement and fail to meet the growing demands of modern enterprise service management organizations.
ServiceNow understands Nuvolo's strategic fit in the marketplace. "Nuvolo continues to deliver innovative applications for ServiceNow customers in regulated industries such as life sciences, pharmaceuticals and healthcare," said Dominic Phillips, vice president at ServiceNow Ventures. "Nuvolo's success in the market and commitment to innovating on our cloud platform is why it was recognized as ServiceNow's Breakout ISV at this year's Knowledge17 conference."
Nuvolo is revolutionizing enterprise asset management by innovating on ServiceNow, the world's leading enterprise cloud platform. The company's vision is to be the global leader in cloud-based EAM, powered by a culture of innovation and a relentless commitment to customer service. Fully optimized for growing, mobile workforces worldwide, Nuvolo delivers a simple, intuitive and user-friendly online and offline mobile experience. Privately held and founded in 2013, Nuvolo is headquartered in Jersey City, N.J. with offices throughout the U.S. and internationally in London and Pune, India. For more information about the Nuvolo EAM platform, please visit www.nuvolo.com.
About GE Ventures
GE Ventures identifies, scales and accelerates ideas that will help make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures combines equity investing, new business creation, licensing and technology transfer to deliver an innovation platform designed to drive growth for partners and GE. For more information, visit www.geventures.com, or follow on Twitter (@GE_Ventures) and LinkedIn.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com.
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