- Project and work management platform Sitetracker announced it raised funding from Energize Ventures
- This additional funding extended the company’s Series B to $34 million
Sitetracker, a project and work management platform for critical infrastructure companies, announced it has received funding from Energize Ventures — which extends the company’s Series B financing to $34 million. Previously, Sitetracker closed the Series B round 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 has raised $45 million.
“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 Sitetracker CEO Giuseppe Incitti. “Our focus from here continues to be on our customers’ success and ensuring that our roadmap delivers above and beyond their expectations.”
Critical infrastructure providers such as companies in the utility, energy, and telecommunications industries have been traditionally focusing on completing larger and longer-term projects like the transmission and distribution centers that surround communities. And due to innovation, project and operation managers have been entering an era where the volume, variety, and velocity of projects they are managing is growing exponentially. For example, the increase in demand for distributed energy resources like rooftop solar and electric vehicle charging stations represents a shift to high-volume and shorter-term projects that include more third parties. So companies have been looking for new solutions to address these new operational challenges.
“Critical infrastructure providers are at a crossroad,” added Energize Ventures John Tough. “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.”
Sitetracker has been built from the ground up to harness the opportunities created by the new types of projects across industries. And the company has quickly become essential to companies in the utility and energy industries. There are $19 billion in capital assets being maintained with Sitetracker’s software and billions more in active deployment. Plus there are tens of thousands of Sitetracker users leveraging its full lifecycle platform daily for completing planning, deployment, and ongoing maintenance activities while dispatching skilled resources, tools, and inventory. These companies include Verizon, Nokia, Fortis, Alphabet, and British Telecom.
“From 3x faster project cycle times to 80% reduced time in manual reporting activity,” explained Sitetracker’s CTO and co-founder Tim May, “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.”
