Home DAS & In Building Wireless Sitetracker raises $42M in Series C financing

Sitetracker raises $42M in Series C financing

Sitetracker, which specializes in helping companies deploy, operate and service critical infrastructure and technology, announced it raised an additional $42 million in Series C funding. Investor H.I.G. Growth Partners led the latest round of funding, which brought the total investment into Sitetracker to $92 million. The company expects this most recent investment to accelerate its product roadmap and continued global expansion.

“Sitetracker’s continued growth is a testament to their understanding of the challenges faced by their industry-leading customers, in the multi-billion-dollar critical infrastructure space,” H.I.G. Growth Partners Managing Director Scott Hilleboe said in a statement. “Sitetracker is uniquely positioned to tackle the business operations challenges faced by companies deploying, maintaining, and operating in industries like telecom, utilities, and alternative energy. We’re thrilled to support Sitetracker in their next phase of growth.”

“It is clearer now more than ever that there are missing links within our critical infrastructure, and traditional analog industries must find solutions for remote deployment and maintenance of their assets to stay ahead of the curve,” Energize Ventures Partner Katie McClain said. “We believe it is the right time to strengthen our commitment to Sitetracker, the leading-edge solution to enable companies to operate effectively and efficiently in this new digital age.”

Like for many companies, 2020 was a challenging year for Sitetracker. The company still managed to grow its global users base by 17,000 users across several industries including telecommunications, utilities and alternative energy however. The company’s presence comprises offices and employees across the U.S., Europe, Asia-Pacific and Latin America and is supported by system integrators and a global partner network.

“Last year, we hired extensively across all departments,” Sitetracker CEO Giuseppe Incitti said. “From executives, John Edebol, VP Americas, and Alejandro Padilla, VP LATAM to Jena Singleton, Head of Employee Experience, Diversity, and Belonging. Between our new leaders and the over 100 other hires we made last year; we are geared up to keep delivering Sitetracker to our customers at the highest standard.”

Sitetracker continues to innovate

Sitetracker developed new features in 2020 to help its customers remain ahead of the curve. It had already produced features like Trackers, Sitetracker Mobile and Intelligent Project Templates. Its most recently released features now include machine learning and Sitetracker for the field. These solutions have helped the company’s customers complete projects faster, better allocate their resources and decrease cycle times. Meanwhile, Sitetracker has seen its adoption rates go above 90% due to its continued investment in customer success and strong platform.

“Sitetracker is gaining momentum by fostering strong customer relationships and delivering best in class software to critical infrastructure companies,” Colin Bryant, Partner at NEA said. “We are excited to continue supporting Sitetracker on their journey to deliver game-changing software to critical infrastructure providers deploying and maintaining their distributed capital assets around the world.”

“As a leader in ESG investments, EIP is thrilled to be part of such a strong group of investors that believe in Sitetracker’s bright future,” added Harry Giovani, CEO & Managing Partner for Credit Strategies at EIP. “Utility companies need Sitetracker to support the deployment and maintenance of distributed energy resources, EV chargers, and IoT infrastructure. We’re excited to support Sitetracker’s continued growth in the utility market and across critical infrastructure.”

“We are committed to building a software platform and company that empowers our customers to transform entire industries,” Incitti said. “And to our customers and employees, thank you for your partnership and hard work. I am excited to continue our journey together.”

Joe Dyton can be reached at joed@fifthgenmedia.com.

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