Palo Alto, Calif., May 29, 2019 – 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.
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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.
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