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expects to significantly scale the company after closing a $31 million Series C, looking to hit $100 million in annual recurring revenue by late 2022 and possibly the public market the following year.

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鈥淲e plan to use the proceeds to drive this business to $100 million in ARR, a couple billion in valuation, and eventually liquidity in the public market,鈥� said founder and CEO .

led the Series C raise for the Paramus, New Jersey-based workplace services company. Other investors in the round include , and .

鈥淣uvolo is exactly the kind of company we partner with,鈥� said , principal at Insight Partners. 鈥淭hey have a great product with a huge market. Nuvolo is in that very exciting growth stage.鈥�

The platform

Nuvolo鈥檚 integrated workplace management systems (IWMS) platform is built on top of and allows customers to manage their operations through one unified platform. Companies often use a variety of systems to manage things like real estate, operational technology, facilities and other assets. Nuvolo lets companies use just one cloud-native platform and consolidate down to one system of record, Stanford said.

In addition, Nuvolo also layers on operational technology security capabilities, letting customers such as health care providers know if medical equipment or other physical assets may be at risk of failing and proactively safeguard them.

While the company faces large competitors in the IWMS market such as Maximo and , Stanford said Nuvolo鈥檚 added security layer and cloud-native platform helps differentiate it in the market.

Growth ahead

Nuvolo plans to leverage its partnership with Insight to significantly grow the company in the years ahead, Stanford said. The 300-person company plans on 65 percent to 70 percent growth the next two to three years, hitting $100 million ARR by late next year, Stanford said.

While Nuvolo has customers in several categories, Stanford said life sciences and health care are the company鈥檚 largest verticals. Nuvolo currently works with more than 1,550 customers, and has a footprint in 65 percent of U.S. hospitals.

With Nuvolo鈥檚 platform expanding beyond the normal IWMS scope and into modern field service management and cybersecurity, Frankievich said, there is significant potential to expand in these large, fast-growing markets.

Stanford has no doubt that could set the company up for an IPO by 2023.

鈥淲e love ourselves as an independent company,鈥� he said.

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