- The project and works management platform Sitetracker announced that it had raised funds from Energize Ventures
- This additional funding brought the company’s Series B to $ 34 million
Sitetracker, a project and construction management platform for critical infrastructure companies, announced that it has received funding from Energize Ventures, which brings the company’s Series B funding to $ 34 million. Previously, Sitetracker completed the Series B cycle in August 2018 led by New Enterprise Associates (NEA) with participation from Wells Fargo Strategic Capital, National Grid Partners and Salesforce Ventures. Including this round, Sitetracker raised $ 45 million.
“We are delighted to have Energize Ventures as a partner. Their investment represents continued validation that critical infrastructure operators are ready and facing the challenges presented by a changing technological landscape, ”said Giuseppe Incitti, CEO of Sitetracker. “From here on, we always focus on the success of our customers and on ensuring that our track record is beyond their expectations. “
Critical infrastructure providers such as utilities, energy and telecommunications companies have traditionally focused on delivering larger, longer-term projects, such as transmission and distribution centers that surround the communities. And thanks to innovation, project and operations managers have entered an era where the volume, variety and speed of the projects they manage are increasing exponentially. For example, the increased demand for distributed energy resources such as rooftop solar and electric charging stations represents a shift to higher volume, shorter term projects that include more third parties. Companies are therefore looking for new solutions to meet these new operational challenges.
“Critical infrastructure providers are at a crossroads,” added Energize Ventures John Tough. “Hardware miniaturization and decentralization offers new revenue opportunities in energy, transportation, 5G and cross-industry IoT. But these new opportunities also present unexpected deployment and maintenance challenges that must be addressed now. By enabling this asset transition, Sitetracker aligns closely with our thesis that technology can provide solutions to the problems that pervade not only utilities and energy companies, but critical infrastructure providers as a whole. .
Sitetracker was designed from the ground up to exploit the opportunities created by new types of projects in all industries. And the company has quickly become a must-have for companies in the utility and energy industries. There is $ 19 billion in capital assets maintained with Sitetracker’s software and billions more in active deployment. In addition, tens of thousands of Sitetracker users daily leverage its full lifecycle platform to carry out planning, deployment and ongoing maintenance activities while distributing resources, tools and support. qualified inventory. These companies include Verizon, Nokia, Fortis, Alphabet and British Telecom.
“3X faster project cycle times at an 80% reduction in manual reporting uptime,” said Tim May, CTO and co-founder of Sitetracker, “we are seeing project managers spending more time to manage and less to manipulate spreadsheets. This is even with increases of more than 25% in the workload. Additionally, suppliers invoice and get paid on time for completed work instead of months of delay. I’m excited to see our customers reaping the benefits of Sitetracker and we still have an incredible roadmap of new features to come.