Nashville-based XOi Technologies, a provider of field service communication solutions, has raised $4.5 million in funding. Vocap Investment Partners led the round with participation from Nashville Capital Network.
NASHVILLE, Tenn – December 8, 2017 –XOi Technologies (Formerly XOEye Technologies), the leader in Field Service communication solutions, today announced that it secured $4.5m in funding on the heels of record growth. The company has seen over 280% year-over-year revenue growth due to rapid adoption of its SaaS solution in the Mechanical, Electrical, and Plumbing (MEP) sector. Vocap Investment Partners led the round with participation from Nashville Capital Network (NCN).
The XOi Vision software platform leverages workflow automation and machine learning to streamline documentation of service calls, facilitate real time remote support, intelligently archive key service content, and improve transparency. The system integrates with existing Field Service Management software, and can be utilized with standard mobile devices or a variety of smart, wearable devices to capture video and audio content. MEP field service companies utilizing Vision realize double digit growth in field tech efficiency, revenue per service request, and close ratio for quoted work.
“With millions of content pieces and data points collected to date, our Vision platform gets smarter and delivers better client outcomes with each new field service request,” said XOi CEO, Aaron Salow. “Vision can be activated for a new client within days, allows single click access by a field service tech from within their current field service management software, and completely changes the game in field service sales, efficiency and outcomes.”
XOi will utilize the additional funding to accelerate product development around content distribution, data mining, and machine learning.
“Aaron and his team have spent the past three years laser-focused and deeply engaged in the field with clients, and it’s allowed them to develop products that deliver strategic results throughout client organizations and to their customers’ end customer,” said Mike Becker, Vocap Managing Director. “We’re excited to partner with XOi as they continue to scale their services, and invest further in the development of products that are reimagining the way field service is delivered.”
“After talking with a number of XOi’s customers, it was clear the company is solving a major problem in the field
services industry. The growth capital financing will enable XOi to expand its technology offerings and continue adding to its impressive roster of field services clients,” said Chase Perry, Managing Partner for NCN.
About XOi Technologies
XOi Technologies equips field technicians with fully-integrated technology systems that capture and share the right information with the right people at the right time. XOi Vision, the company’s cloud-based platform, helps to harness the power of real-time video, audio communication, and content sharing to unlock business opportunities and boost revenue, while also helping to bridge the skilled trades gap. To learn more, visit http://www.xoi.io/.
About Vocap Investment Partners
Vocap Investment Partners provides growth capital and operational expertise to rapidly growing technology companies in select high potential verticals, including: Enterprise Software, Data Management and Analytics, Marketing Tech, Mobile and Consumer Internet and Healthcare IT. For more information, visit http://www.vocappartners.com.
About Nashville Capital Network
Nashville Capital Network (NCN) is a partnership of more than 100 professional investors, most of whom have been founders and executives of highly successful companies. NCN leverages the experience and expertise of the individuals within its partnership to identify, develop, and support promising, high-growth companies. NCN manages several investment funds including NCN Angel Fund I, NCN Angel Fund II, Tennessee Angel Fund, and NCN Partners Fund. For more information on NCN, please visit http://www.nashvillecapital.com.