Limble Raises $58M to Help Organizations Maintain Physical Assets

Limble, a startup that provides a platform to track various unconnected physical assets for businesses, has raised $58 million in funding. Goldman Sachs Growth Equity was the sole backer in the Series B, with Limble confirming that its post-money valuation is now $450 million. The company’s platform is designed to help organizations manage physical assets that are not connected, with schedules to proactively check when items are due for regular inspections or service. Limble’s core business is tied in with dumb objects, which has given it a big opportunity to pick up new customers. While cloud migration and digital transformation are happening in the world of work, there are still many companies that are not adopting these technologies to the same extent. Limble’s approach is tied to CMMS, short for computerized maintenance management systems, which provides businesses with up-to-date software that helps track all of their assets and ensures that they are all working correctly. Despite struggling to convince investors and businesses to back an enterprise company that focuses on low tech in its early years, Limble’s specific area of business has become defensible and profitable, with a total addressable market of $5.2 billion annually when considering spend on maintenance.