Zinier, A startup that drives the automation of field service management today announced that it has raised $ 90 million in new funding to address new categories and attract more customers.
The San Francisco-based startup announced that its $ 90 million Series C round of financing was led by ICONIQ Capital. and saw the participation of Tiger Global Management and existing investors Accel, Founders Fund, Qualcomm Ventures, Supported by Nokia NGP Capital and Newfund Capital based in France.
The new round of financing raised the five-year startup's total increase to $ 120 million and estimated it at over $ 500 million, one of its investors told TechCrunch. Zinier co-founder and CEO Arka Dhar declined to comment on the review.
Zinier is helping the electricity and telecommunications industry automate their field services, a job that has typically been slow to innovate and relies on legacy systems and manual processes, Dhar said in an interview with TechCrunch.
“Field service means everything from placing an order, planning and shipping to verifying the task and coordinating the right person with the right task in the right place. It is a complex, manual and inconsistent system. Usually 20% of our customers' expenses are recorded. We optimize these processes with AI to help these customers become more efficient and save money, ”said Dhar.
Dhar declined to reveal all of Zinier's key customers, but said that some of the major players in the electricity and telecommunications industries are working with the startup. In fact, 40% of the startup's customers are based in the United States, 40% in Latin America, and the rest in the Asia-Pacific region. The startup says it works with Black & Veatch and Car-Sa and maintains strategic partnerships with system integrators such as Capgemini and Tata Consultancy Services.
Until two years ago, Zinier focused on the telecommunications industry, but has since expanded to include energy and utility rooms. The fresh fund would help the start-up double its efforts in the non-telecommunications industry, Dhar said.
A number of actors work in the field of administration. Large giants like Salesforce and Microsoft are involved in companies that operate in this industry and also offer their own products. ServiceMax was previously acquired by GE Digital for $ 915 million. Without naming the name, Dhar warned some competitors of just digitizing the pen and paper logs and not really optimizing the process.
“It is critical for companies to optimize this costly and complex part of their business, and Zinier has the platform-based technology and team to gain a foothold in this global, cross-industry market. We look forward to working with Zinier and supporting them in their mission to change the paradigm of field work on a global scale, ”said Will Griffith, partner at ICONIQ Capital.