XOi, a Nashville-based startup, has announced a significant funding round of $230 million from KKR, which will be used to expand its business and acquire Specifix, another company in the field service space. This investment marks a major milestone for XOi, which has been operating since 2010 and has previously raised less than $20 million.

The acquisition of Specifix will provide XOi with access to a vast dataset of over 85,000 model families and related information, which will be integrated into its existing platform. This integration will enable XOi to offer more device-specific instructions and data to its users, as well as build out further datasets to predict maintenance, upgrades, and other work. The deal is XOi's first acquisition, and the company is not disclosing the price it paid for Specifix.

XOi's software is designed for maintenance personnel, allowing them to take pictures and quickly access information about the machines they are fixing. The company has come a long way since its inception, initially starting as Pairasight and then rebranding as XOeye. In its early days, XOi focused on building hardware, specifically connected 3D glasses, to facilitate communication between field service technicians and remote engineers. However, the hardware business failed to take off due to high unit prices and clumsy form factors.

The company then shifted its focus to building apps that could capture the same data as the glasses, but on phones and tablets. This pivot proved successful, and XOi dropped the "eye" for "i", which now stands for "intelligence". The business has been growing steadily since then, with XOi targeting the underserved space of field service engineers who need access to critical information on-site.

The field service space is a growing area of interest, with companies like XOi and Specifix building solutions for frontline workers who do not sit at desks. While many apps focus on business operations, scheduling, and dispatch, XOi is differentiated by its focus on providing critical information to engineers at the job site. According to CEO and co-founder Aaron Salow, the company is addressing a significant gap in the market, as many apps ignore the needs of engineers once they arrive on-site.

The acquisition of Specifix and the significant funding round from KKR demonstrate the growing interest in the field service space. As machines become more sophisticated, there is a increasing demand for companies like XOi to provide the necessary tools and data to help engineers get their jobs done. KKR partner Jake Heller praised XOi's approach, stating that the company's software is providing value to people who work in uncomfortable, hard-to-reach places, ultimately making the rest of our lives more comfortable.

The deal marks a significant milestone for XOi, and the company is poised to continue its growth trajectory. With its expanded dataset and enhanced predictive capabilities, XOi is well-positioned to become a leading player in the field service space. As the industry continues to evolve, XOi's focus on providing critical information to engineers at the job site is likely to remain a key differentiator.