On January 29, 2019, Fiix, a maintenance and asset management software provider, closed its C$53 million Series C round. The funding was led by Toronto based Georgian Partners. Fiix is a Toronto-based company that provides easy-to-use, affordable maintenance management software, and was one of the first entrants in the cloud-based maintenance space. The recent Series C funding comes after a successful Series B round that took place in May 2018, in which Fiix raised C$15.4 million.
As part of the funding, Georgian Partners managing partner Simon Chong will join Fiix’s board of directors. Mr. Chong believes that Fiix is well ahead of the curve when it comes to the newfound readiness of the market to begin accepting predictive maintenance solutions as machine learning and leveraging large datasets has become more mainstream. James Novak, the company’s newly appointed CEO, stated:
“Today, we’re a point solution, and that’s primarily where the market lives – at the beginning of their digital transformation. It’s important to partner with customers throughout the journey, and we’re just at phase one of that journey.”
Next steps for Fixx include transitioning from a point solution to a platform, where the company will plug in IoT data and analytics into its customer’s workflow. The Company believes that this integration will result in cost reductions and increased quality of output, environmental optimizations, as well as improved worker health and safety.
With the new funding, Fiix is on track to double its headcount to over 200 employees by the end of 2019. The company also hopes to continue to expand its computerized maintenance management system (CMMS) providing a necessary uptime and efficiency boost in an increasingly competitive global market.
This is another example of the thriving Toronto tech community, with a Toronto based company raising money from investors led by a Toronto based VC.
Author: Samanthea Samuels