ServiceChannel Raises $54M to Advance Facilities Management Technology

Wednesday May 3rd 2017 by Sean Michael Kerner
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SaaS-based application platform vendor for facilities management aims to expand its footprint with machine learning intelligence.

Managing the complex myriad of tasks and contractors that are required to manage facilities is not something that should be left to a simple spreadsheet. It's a task that SaaS application vendor ServiceChannel has taken on with its Service Automation Suite, which has now gained new investor attention.

On May 2, ServiceChannel announced that it had raised a new $54 million round of funding led by venture capital firm Accel.

"Accel has backed category-defining software leaders including Atlassian, Qualtrics, Slack, Cloudera and Checkr, as well as consumer internet businesses such as Facebook, Supercell, Flipkart, Jet and Etsy," Tom Buiocchi, ServiceChannel CEO, said in a statement. "Above all, they truly appreciate how modern software can deliver unprecedented benefits and insights to our customers and service provider partners."

While the funding is new, ServiceChannel is not a startup and actually has been in business since 1999. The company claims over 450 customers that account for 220,000 different facility locations around the world.

"ServiceChannel is the first company in the industry to provide a truly modern, data-driven transaction engine and system of record to manage facilities and engage contractors," Accel partner Arun Mathew said in a statement.

Among the latest innovations announced by ServiceChannel is the company's Decision Engine technology that debuted on April 13. The promise of Decision Engine is that it is a machine learning solution that provides analytics for statistical data to help inform decisions.

"Machine learning is truly changing everything today, and the facilities management industry is no exception," Hugues Meyrath, chief product officer at ServiceChannel, said in a statement. "Decision Engine is revolutionizing decision making in facilities management by applying data and analytics to a previously arduous and manual process. "

Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.

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