Latest investment brings total funding to $45 million to power the successful deployment of critical infrastructure.
Sitetracker, a project, asset and work management platform for critical infrastucture companies, announced yesterday that Energize Ventures became its latest investor. Energize Venture’s $10 million investment extended Sitetracker’s Series B financing to $34 million. Last August, Sitetracker closed its Series B round, which New Enterprise Associates led. Other participants included Wells Fargo Strategic Capital, National Grid Ventures, and Salesforce Ventures. Currently, $45 million has been invested in Sitetracker.
Energize Ventures’ investment has helped validate the belief it shares with Sitetracker that critical infrastructure industries have reached a tipping point due to the increasing volume, variety, and velocity of work that skills shortages and shrinking margins have intensified. Going forward, the companies that adapt quickest to these changes and to the shifting landscape in telecom critical infrastructure will most likely come out ahead.
“Critical infrastructure providers are at a crossroads,” said John Tough, Partner at Energize Ventures, in a statement. “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,” Sitetracker CEO Giuseppe Incitti said in a release. “Their investment represents continued validation that critical infrastructure operators are ready and need to tackle the challenges being presented by a shifting technological landscape. Our focus from here continues to be on our customers’ success and ensuring that our roadmap delivers above and beyond their expectations.”
Traditionally, critical infrastructure providers such as those in the utility, energy and telecommunications industries have focused on finishing large, longer-term projects like the transmission and distribution centers that surround communities. However, because of innovation, project and operations managers are now seeing that the volume, variety, and velocity of the projects they manage is growing quickly.
As an example, distributed energy resources like rooftop solar and electric vehicle charging stations represent a shift to high-volume, shorter-term projects that involve more third parties. This transition has led to companies seeking innovative solutions to address these new operational challenges.
“New project and workforce management requirements 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,” Tough said.
Sitetracker was built from the ground up in order to harness the opportunities these new types of projects have created across various industries. The company has quickly become important to companies in the utility and energy industries. The $19 billion in capital assets that’s being maintained with Sitetracker’s software, along with billions more in active deployment, has allowed the company’s users to leverage its full lifecycle platform on a daily basis. Users have put Sitetrackers’ platform to work to help complete planning, deployment, and ongoing maintenance activities, while dispatching skilled resources, tools, and inventory.
“From three times faster project cycle times to 80% reduced time in manual reporting activity, we are seeing project managers spending more time managing and less time manipulating spreadsheets,” Sitetracker CTO and Co-Founder Tim May said in a statement. “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.”