Nuvolo, which provides software to help health care providers, life sciences organizations, and pharmaceutical manufacturers better manage their assets, today announced funding of $10 million, led by GE Ventures. Existing investors New Enterprise Associates (NEA) and ServiceNow Ventures also joined.
“The largest investment in health care is in medical equipment and facilities,” wrote Nuvolo CEO Tom Stanford, in an email to VentureBeat. The Jersey City, New Jersey-based startup built a cloud-based service on top of ServiceNow to help health care providers and manufacturers manage assets, like medical devices and laboratory equipment.
Nuvolo offers a software as a service (SaaS) priced on a per user, per month basis — the contract is a three-year agreement, paid annually. Stanford claims to manage more than 3,550 hospitals and 5.5 million enterprise assets in the U.S., Canada, and Europe.
The startup is expanding into the management of enterprise assets in high-tech manufacturing and convenience retail and claims to be competing with IBM Maximo, Infor, Archibus, and other legacy computerized maintenance management system (CMMS) applications.
Nuvolo has raised a total of $12 million to date and will use the fresh capital to increase its sales and marketing efforts and to hire more people.
Founded in 2013, Nuvolo currently has 90 employees.