MaintainX, which operates an equipment maintenance and asset management platform, has raised $150 million in Series D funding, the company announced on Wednesday.

The financing boosts the San Francisco-based startup’s valuation to $2.5 billion, and brings its total raised since its 2018 inception to $254 million. The valuation is more than double the $1 billion MaintainX was valued at when it raised a $50 million Series C in December 2023.

Existing backers Bessemer Venture Partners, Bain Capital Ventures, Amity Ventures and others, including D.E. Shaw Ventures, participated in the latest round. It’s not clear if any one firm led the raise.

MaintainX works with over 11,000 companies globally, managing over 11 million assets across manufacturing, facilities management, food and beverage, distribution centers, and more.

CEO and co-founder Chris Turlica said his company is able to help its customers do things like cut back on unplanned asset downtime as well as parts and labor costs with artificial intelligence. The company says its approach “centers on amplifying human capability [with AI] rather than replacing it.”

The round is another example of the appetite investors have for AI-related companies. Per Crunchbase data, the recently ended second quarter was another blockbuster for AI funding. About $40 billion — or around 45% of global funding — went to the sector, with more than a third invested in Scale AI alone.

All in all, the past three quarters saw record funding to the AI sector.

And over the past year, nearly half of U.S. venture funding went to AI-related enterprises, Crunchbase data shows. Later stage had the largest share, with roughly 61% of venture deals related to AI.

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