Latest investment brings total funding to $45 million to power the successful deployment of critical infrastructure
PALO ALTO, California, May 29, 2019 /PRNewswire/ -- Sitetracker, the essential project, asset, and work management platform for critical infrastructure companies, announced today an investment from Energize Ventures, extending the company's Series B financing to $34 million. Sitetracker previously closed their Series B round in August 2018, led by New Enterprise Associates (NEA) with participation from Wells Fargo Strategic Capital, National Grid Ventures, and Salesforce Ventures. This brings the total investment in Sitetracker to $45 million.
"Critical infrastructure providers are at a crossroad," said John Tough, Partner, Energize Ventures. "Hardware miniaturization and decentralization is leading to new revenue opportunities in energy, transportation, 5G, and cross-industry IoT. But these new opportunities also present unexpected deployment and maintenance challenges that need to be addressed now. By enabling this asset transition, Sitetracker aligns tightly with our thesis that technology can deliver solutions for problems that permeate not only power and energy companies, but critical infrastructure providers at large."
"We're excited to have Energize Ventures as a partner. Their investment represents continued validation that critical infrastructure operators are ready and need to tackle the challenges being presented by a shifting technological landscape," said Giuseppe Incitti, CEO, Sitetracker. "Our focus from here continues to be on our customers' success and ensuring that our roadmap delivers above and beyond their expectations."
A new dawn for critical infrastructure
Critical infrastructure providers like those in the utility, energy, and telecommunications industries have traditionally focused on completing large, longer-term projects, such as the transmission & distribution centers that surround our communities.
As a result of innovation, project & operations managers are entering a new era where the volume, variety, and velocity of projects they manage is growing exponentially. For example, the increase in demand for distributed energy resources, such as rooftop solar, and electric vehicle charging stations represents a shift to high-volume, shorter-term projects that include more third parties. Consequently, companies are looking for new solutions to address these new operational challenges.
"New project and workforce management requirements," continued Tough, "are crystallizing at the intersection of energy and the smart city as hyperlocal distributed energy resource interconnections, electric vehicle charging stations, and smart sensors are becoming the norm in our daily lives."
Sitetracker: the perfect fit
"From 3x faster project cycle times to 80% reduced time in manual reporting activity," remarked Tim May, CTO & Co-Founder, Sitetracker, "we are seeing project managers spending more time managing and less time manipulating spreadsheets. That's even with 25% plus workload increases. Furthermore, vendors are billing and getting paid on time for work completed instead of experiencing months of delay. I'm thrilled to see our customers reaping the benefits of Sitetracker and we have an amazing roadmap of new features still to come."
Built from the ground up to harness the opportunities created by the new types of projects across industries, Sitetracker has quickly become essential to companies in the utility and energy industries.
With $19B in capital assets being maintained with Sitetracker's software and billions more in active deployment, Sitetracker's tens of thousands of users leverage its full lifecycle platform daily to complete planning, deployment, and ongoing maintenance activities while dispatching skilled resources, tools, and inventory.
About Sitetracker, Inc.
Sitetracker, Inc. powers the successful deployment of critical infrastructure. As the global standard for managing high-volume projects, the Sitetracker Platform enables growth-focused innovators to optimize the entire asset lifecycle. From the field to the C-suite, Sitetracker enables stakeholders to perfect how they plan, deploy, maintain, and grow their capital asset portfolios. Market leaders in the telecommunications, utility, smart cities, and energy industries — such as Verizon, Nokia, Fortis, Alphabet, and British Telecom — rely on Sitetracker to manage millions of sites and projects representing over $19 billion of portfolio holdings globally. For more information, visit www.sitetracker.com.
About Energize Ventures
Energize Ventures is a pre-growth venture capital firm located in Chicago. We partner with companies that create digital solutions that drive affordability, reliability, and security for the energy and industrial sectors. Energize Ventures has thus far made nine investments spanning cybersecurity, mobility, data analytics, operational efficiency, and distributed assets. For more information on Energize Ventures, please visit www.energize.vc.