Sitetracker has received 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.”
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 velocityof projects they manage isgrowing 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.”
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.