(Bloomberg) -- Maintenance software maker MaintainX has fetched a $1 billion valuation in a funding round led by Bain Capital Ventures, according to a statement reviewed by Bloomberg News.

The company raised $50 million in a round, which included participation from existing investors Bessemer Venture Partners and August Capital, among others such as Twilio Inc. Chief Executive Officer Jeff Lawson. The valuation for MaintainX marks a big jump from its last valuation of $191 million in 2021.

The San Francisco—based company makes software to help companies in manufacturing, facilities and hospitality keep tabs on operations and maintenance. Its technology is intended to ensure regulatory compliance and improve business productivity. MaintainX’s more than 6,500 customers include McDonald’s Corp., Shell Plc and Duracell.

“We’re trying to solve the problem of reducing equipment downtime,” said MaintainX co-founder and CEO Chris Turlica. He said the company’s technology is “making sure that the equipment doesn’t break and, when it does break, it gets fixed fast.” 

The new financing will help MaintainX build artificial intelligence-related tools to improve data quality and worker efficiency. It will also help the business propel growth with more hiring. 

Merritt Hummer, a partner at Bain Capital Ventures, said her firm invested in MaintainX because it’s “growing really fast and efficiently, despite all the macro headwinds we’ve seen.”

Hummer dismissed MaintainX’s competition as “legacy software vendors that haven’t innovated in a generation.” She said that the goal is for MaintainX to become a public company one day.

©2023 Bloomberg L.P.