Augmented Operations (MOM, CMMS, AR/VR, SLM)
Manufacturing operations management, maintenance, AR/VR work instructions, and service lifecycle tools — software for the people who run and repair physical operations.
Core roster = companies whose primary Investment List is Augmented Operations. The 106 adjacent players carry it as a secondary list and are shown separately below — never mixed into these numbers.
The Read
The volume list. Augmented Operations carries 144 primary members — the largest roster of the nine — and backs it with the second-best customer traction in the dataset: 431 verified relationships across 369 organizations. The buyers skew heavily enterprise. Where BIM sells to mid-market contractors, this list sells to the plant floor of large manufacturers, and the customer type split shows it.
Capital is moderate and recent. Roughly $3.4 billion tracked, with the yearly totals rising steadily since 2022. The round mix centers on Seed and Series A, and the list's unicorn shows what the mature end looks like: maintenance intelligence sold at industrial scale. Insight Partners and Momenta appear near the top of the investor table, the same operations-focused pattern as Factory Futures.
The list is broad by construction — MOM, CMMS, AR/VR, and service lifecycle are four adjacent jobs, not one market. That breadth is why the roster is big and why the incumbent bench (13 products) is thinner per sub-segment than the headline number suggests. Four evergreens round out a list whose story is steady adoption rather than platform drama.
Incumbents & Evergreens
Two different kinds of defense: platform incumbents with installed bases, and evergreens — long-established, revenue-led private players that never raised big rounds and never exited.
Platform incumbents (13 curated products)
ETQ (Hexagon) ETQ Reliance QMS
Est. ~$80M ARR; acquired by Hexagon 2022; leading standalone QMS
Infor (Koch Industries) Infor CloudSuite Industrial
Est. ~$1B for manufacturing ERP; Infor total ~$3.6B; acquired by Koch 2020
Oracle Oracle Fusion Cloud ERP
Est. cloud ERP portion of Oracle $53B; Fusion ERP fastest growing segment
SAP SAP S/4HANA
Est. S/4HANA portion of SAP ~€32B total; largest ERP by enterprise manufacturing revenue
PTC ServiceMax
Acquired by PTC 2023 for $1.5B; leading FSM platform; GE, Schneider, Coca-Cola
Rockwell Automation Fiix CMMS
Cloud CMMS acquired by Rockwell 2020; AI-driven maintenance scheduling for discrete manufacturing
XMPro Intelligent Digital Twin Suite
Est. ~$10M ARR; bootstrapped/independent; mature product, not scaling aggressively
IBM IBM Maximo Application Suite
Est. Maximo portion of IBM Sustainability Software (~$800M); within IBM Software segment ($28B total)
Fortive (Accruent) Accruent Facility & Asset Management
Est. Accruent portion of Fortive IOS segment ($2.86B); within Fortive total $4.16B (post-Ralliant spinoff)
Evergreens (4)
4 long-established, revenue-led private players compound in this list without ever raising big rounds or exiting. The named evergreen roster is a dashboard dataset.
Evergreens are counted here but excluded from the aggregate statistics above.
Top 3 Startups by ThreadMoat Score
Full rankingRanks 4–185 with full score components
The complete sortable cohort, per-company score justifications, and financial estimates live in the ThreadMoat dashboard.
Ranked by Weighted Startup Quality Score (composite of market opportunity, team execution, technology differentiation, funding efficiency, growth, industry impact, and moat) across the 185-company core roster; acquired and exited companies excluded from the ranking.
Funding Velocity
Latest disclosed round per company, grouped by the year it closed, across the 185 core companies — a funding-velocity signal, not a complete capital history.
Founding Cohorts
When the 185 core companies were founded, in five-year cohorts. Median founding year: 2020.
Round Mix
Latest known funding stage per company, bootstrapped through late-stage.
Industries Served
The industries the core roster sells into, ranked by company count (multi-select — a company serves several industries).
Verified Customers
571 verified customer relationships across 502 organizations — every relationship individually verified, joined by database record ID, never by name matching. Evidence exists for 97 of 185 core companies.
Buyer industry, buyer region and buyer size splits, and the customer-to-startup mapping, are dashboard data.
Absence of public customer proof is not absence of customers, but it is absence of evidence. The splits by buyer industry, region and size, and the named customer-to-startup mapping, are a Strategist dataset.
Who Funds This List
Institutional, venture and corporate investors behind the core roster, with per-investor portfolio counts resolved through the linked investor table.
Geography
Country mix of the core roster against the full ThreadMoat dataset baseline.
Adjacent Players
106 companies carry Augmented Operations as their secondary investment list. They are adjacent players — shown here, never counted in the statistics above.
106 adjacent players are named, with their primary list, in the dashboard.
Go deeper on Augmented Operations
The interactive versions of every section on this page — full rankings, named customer mappings, investor matrices — live in the ThreadMoat dashboard.
Frequently Asked Questions
What does Augmented Operations cover?
Four adjacent categories: manufacturing operations management (MOM), computerized maintenance management (CMMS), AR/VR-based work instructions and training, and service lifecycle management (SLM). The common thread is software for operating and maintaining physical assets, sold to operations and maintenance leaders rather than design engineers.
Which buyers adopt Augmented Operations startups?
Overwhelmingly enterprises. Of the verified customer relationships ThreadMoat tracks on this list, enterprise buyers outnumber SMBs roughly six to one — large manufacturers in industrial equipment, consumer goods, and energy. Maintenance and operations software needs an installed asset base to matter, which structurally favors big plants.
How does this list differ from Factory Futures?
Factory Futures is execution and connectivity — MES and IIoT, the machine-data layer. Augmented Operations is the human layer on top: managing operations teams, maintenance schedules, and service work. The two lists share buyers and investors, and many companies carry one as primary and the other as secondary membership.
Related Investment Lists
Methodology
- • Core roster: companies whose primary Investment List is Augmented Operations (MOM, CMMS, AR/VR, SLM), active companies only. Adjacent (secondary-list) players never enter the aggregates.
- • Evergreen roster additionally includes long-established Independent Evergreen players pending re-assessment, and PE-backed ISVs (a non-exhaustive set); neither is a startup, and both are excluded from aggregate statistics.
- • Customer relationships: individually verified, joined by database record ID. Investor data: linked institutional records only; individuals excluded.
- • Percentages are never shown for denominators below 30; every chart footnotes its exact denominator.
- • Data snapshot: 2026-10-12. Statistics recompute automatically from the canonical dataset at every build.