Nashville’s XOi Technologies, a software provider for field service communication, raised an $11 million Series C funding round led by PeakSpan Capital with participation from new investor Grotech Ventures and existing investors Vocap Investment Partners and Nashville Capital Network.
XOi is built specifically for workers out in the field — think HVAC technicians, electricians, plumbers and the like — to help them stay in touch and stay on top of everything from their mobile device. Users can document job sites through photo and text, access equipment and training materials, and even ask for advice from other technicians.
This isn’t simple software — XOi’s cloud-based platform, called Vision, uses natural language processing, computer vision, and machine learning to provide one comprehensive tool.
CEO Aaron Salow explains that the company was built to solve the problems he experienced himself with a prior manufacturing and construction company.
“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,” he said in a statement. “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.”
Since Vision launched in 2016, XOi has onboarded over 6,000 field service workers and captured three million job-related pieces of content. It has grown revenue 100 percent each year since 2016.
They also recently signed contracts with two Fortune 500 enterprises, which will mean rolling thousands more technicians onto the platform.
XOi is paid for by the field service employers on a subscription basis, and the company claims the typical client sees a 35 percent increase in completed service requests and a 24 percent increase in revenue per request.
XOi will use this funding to continue deepening a hold on its defined verticals, expanding integration partnerships, customer account acquisitions, as well as begin expansion into Canada.
They will also hire, adding several employees across marketing, sales, customer success, and engineering to their current headcount of 28. While the main headquarters are in Nashville, XOi also has offices in Los Angeles and Chicago.
“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.
This article has been updated with additional details from company representatives.