I’m so excited to announce this next phase for XOi and the opportunity we have ahead of us to impact the lives and businesses of those in the skilled trades. With the completion of our Series C financing, we’re empowered more than ever to drive real change and innovation in an industry that’s been historically underserved by technology.
With the additional upgrades coming to our platform, along with a focus on growing our team, we’re committed to providing our growing customer base the level of service, support, and thought leadership they expect from XOi Technologies.
Thank you to my team for the hard work and long hours that have gone into making this platform what it is today. Thank you to our investors who have placed their confidence and resources in us to take it above and beyond. And thank you to our customers that have supported us, taught us, and been the driving force behind why we do what we do.
NASHVILLE, Tenn, August 7, 2019 /(BUSINESS WIRE)/ – 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.
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.
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.
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.”
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
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.
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.
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 PeakSpan Capital
PeakSpan Capital is a growth equity firm based in New York City and Silicon Valley, with a focused mission to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes — from very small businesses to large enterprises. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help entrepreneurs drive resilient, risk-adjusted value creation. To learn more about PeakSpan Capital and its portfolio, please visitpeakspancapital.com.
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,