Every Angeleno knows that air conditioning is an absolute essential, but getting heating, ventilation and air conditioning (HVAC) units installed can be a time-consuming and cumbersome process. Glendale-based software company ServiceTitan is on a mission to make that process much easier for the companies in charge of doing it.
Now, ServiceTitan is receiving a fresh injection of capital to support its mission. The company announced Friday that it raised $500 million in a round led by Tiger Global Management and Sequoia. The raise places the unicorn’s valuation at a whopping $8.3 billion.
In addition to the funding news, the company also announced that it surpassed $250 million in annual recurring revenue. ServiceTitan has grown more than 50 percent over the past 12 months, according to the company.
ServiceTitan’s “all-in-one” software platform for commercial and residential HVAC companies covers everything from scheduling, reporting and dispatch services to payroll, accounting, inventory and more.
“We depend on the men and women of the trades to maintain our life support systems: running water, heat, air conditioning, and power,” Ara Mahdessian, co-founder and CEO of ServiceTitan, said in a statement. “Today, as both homeownership rates and time spent at home reach record highs, these essential service providers are facing rising demand from an increasingly tech-savvy homeowner.”
With ServiceTitan, HVAC company leaders can track their employees’ customer service activity from the get-go. The platform provides real-time updates on customer calls and interactions, from their first point of contact to installation and follow-up maintenance.
ServiceTitan’s platform covers similar tasks for plumbing, water treatment, pool service, landscape and pest control services as well.
The company plans to invest in expanding the size of its team as it continues to scale. ServiceTitan is now hiring for its engineering, marketing, finance, operations and project management teams.
Founded in 2013, ServiceTitan has raised $399.8 million in financing to date, according to Crunchbase.
Additional investors H.I.G. Growth Partners, Arena Holdings, Battery Ventures and Bessemer Venture Partners participated in the round, among others.
