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India's PremjiInvest leads $82m round for US-based ServiceMax

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PremjiInvest, the private investment firm for Wipro Enterprises Chairman Azim Premji, has led an $82 million Series F round for US-based field service software developer ServiceMax.

Other participants, identified in a statement, include existing investors Emergence Capital Partners, Trinity Ventures, and Mayfield, and new investors GE Ventures, PTC Inc. and Cloud Apps Capital. The funding brings the total amount raised by ServiceMax to $202 million.

ServiceMax is the creator of a cloud-based software application for companies to manage equipment for service and maintenance personnel, so that their repair teams can be sure to have the proper tools and parts before they arrive on the scene. The company plans to use the new funds to expand its global operations and its sales, support and marketing efforts. It will also invest in product development.

PremjiInvest has supported a number of technology start-ups both in its home country and overseas. In March it led an $80 million Series C round for US-based Cyanogen, the developer of a popular mobile operating system based on Google's Android; in India, its significant recent investments include a $57 million commitment to payment firm FSS.

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