Venture Capital News: XOi Technologies Inks $11M Series C Financing
NASHVILLE, TN, Leader in field service communication solutions, announced today the completion of its $11M Series C financing round led by PeakSpan Capital.
XOi Technologies, the Nashville-based leader in field service communication solutions, announced today the completion of its Series C financing round. The $11 million round was led by PeakSpan Capital with participation by Grotech Ventures, as well as Series B investors, Vocap Investment Partners and Nashville Capital Network.
Since the initial launch of its Vision solution in 2016, XOi has been transforming the way field service technicians perform their work. The Series C capital will help advance the company's mission of enabling every tech to be the very best tech for each job and increasing transparency of the work performed. Over 6,000 field service users leverage Vision to streamline their work, document job sites, access the equipment-related content they need, and virtually collaborate with their peers. With XOi, technicians consistently perform like the pros they are, while their field service companies benefit from double digit growth in completed service requests, revenue per request, and a significant drop in second truck rolls.
Over 3,000,000 job-related pieces of content have been captured by Vision to date, a figure that will continue growing exponentially as thousands more technicians roll onto the platform due to the addition of two Fortune 500 OEMs in the mechanical industry and XOi's expansion into Canada. XOi's cloud-based mobile application leverages computer vision and machine learning to streamline the capture, archival, and intelligent retrieval of this content for techs in the field and for the customers they are servicing. If the content required isn't already captured, the system facilitates real-time remote support with other experienced techs, which can then be archived and leveraged for future jobs.
"We started XOi Technologies after living through major communication and workforce optimization issues in our prior manufacturing and construction businesses," said CEO Aaron Salow. "Digging deeper, we learned that the real threat was the growing skilled trades gap. Experienced techs are retiring, and that experience isn't being replaced fast enough. Field service companies are asking, 'How do we survive, much less grow, in a skilled trades shortage?' That question is what drives us every day."
"Getting to this inflection point in the business would not have been possible without the endless hard work from our team, assistance from our investors, and amazing and unwavering support from our partners and customers. It's thanks to them that we've been able to grow our revenue 100% every year since 2016," Salow added.
With this round of capital, XOi plans to continue expanding its integration partnerships and key customer account acquisitions and to invest heavily in talent. The company will add dozens of new team members over the next six months as it expands marketing, sales, customer success, and engineering.
"Blue-collared trades have been underserved by software for decades. We are excited to partner with XOi and to join them in modernizing and transforming the field services industry," says Brian Mulvey, Co-Founder and Managing Partner at PeakSpan.
"The most successful software ideas help not only businesses solve a pain point, but as a result, solve our larger industry-wide problem as well. With 6.6 million unfilled skilled trades jobs today, XOi has a unique opportunity to help bridge the skilled trades gap by providing businesses with readily available information and decentralizing knowledge hubs so technicians can have access to the most relevant info at a push of a button or even their voice," said Don Rainey, General Partner at GroTech Ventures.
To learn more about XOi or to inquire about joining a great team where you can make a difference, please visit www.xoi.io.
About XOi Technologies
As one of the fastest growing startups in Nashville, Tennessee, XOi Technologies is changing the way field service companies in the mechanical, electrical, and plumbing industries capture data, communicate with stakeholders, and service their customers. XOi Vision is a cloud-based mobile application that puts the resources remote field technicians need in the palm of their hands through access to a comprehensive library of manuals and diagrams, training content, and the ability to facilitate real-time remote video support. Workflow automation ensures every job is accurately and visually documented for both internal record and external customer transparency. Through artificial intelligence, Vision simplifies technicians' work, validates consistent quality, and transforms the customer experience. To learn more, visit www.xoi.io.
About Grotech Ventures
Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the IT landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit www.grotech.com.
About Nashville Capital Network
Founded in 2003, Nashville Capital Network (NCN) provides growth capital for early stage companies. NCN is a partnership of more than 100 professional investors - most of whom have been founders and executives of highly successful businesses. NCN leverages the experience and expertise of its partners to identify, develop and support promising high-growth companies. NCN is currently investing out of its fourth fund, NCN Partners Fund. For more information on NCN, please visit nashvillecapital.com.
About Vocap Investment Partners
Vocap Investment Partners provides venture capital and operational expertise to rapidly growing technology companies in high potential verticals, including: Enterprise Software, Media and Entertainment, Consumer Internet and Healthcare IT. For more information, visit http://www.vocappartners.com.
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