H.I.G. Growth Partners and Energize Ventures jointly led a $42 million series C round of fundraising for Sitetracker, a multi-site project management tool created to track and manage crucial infrastructure projects.
Sitetracker, based in Palo Alto, was founded in 2013 and enables businesses in sectors including energy, telecom, and electric vehicles (EVs) to remotely deploy and maintain all of their physical assets while gaining real-time data and insights through reports and dashboards. Salesforce’s AI-powered Einstein Analytics, which uses historical data mining to provide predicted insights, contributes to making this possible. It enables Sitetracker users to make more precise projections for each milestone and project completion date, for instance, depending on market circumstances, legal frameworks, vendor relationships, and other factors. Additionally, Sitetracker has enterprise platform integrations with third parties that cover data warehousing, accounting, CRMs, ERPs, and more.
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According to Sitetracker CEO Giuseppe Incitti, the platform is intended to replace outdated systems that have been “frankensteined together” and are ill-equipped to handle the demands of project variety and volume. Sitetracker claims “a single source of truth” by combining all project data into a single platform, as opposed to the common practises of using disconnected spreadsheets, clipboards, and other different tools.
According to Incitti, “Sitetracker helps infrastructure firms both detect and reduce inefficiencies across massive deployments.”
The previous $45 million in funding for Sitetracker included a $10 million series B investment in 2019. Its most recent increase coincides with President Biden’s announcement of a $2 trillion plan to restore American infrastructure, with renewable energy at its foundation. This plan covers green spaces, water systems, electrical grids, and other areas. Platforms like Sitetracker are in a good position to expand as a result of this.
The volume of wind, solar, EV charging stations, and battery installations would significantly grow under the Biden plan, as will the number of personnel required to make these projects a reality, according to Incitti. “Sitetracker is ideally positioned to operate as both a vehicle to ensure infrastructure operators can deploy swiftly and affordably to meet their aims and a competitive edge to those businesses wishing to hire and build their personnel base methodically,” says the company.
The business announced plans to accelerate its worldwide growth and product roadmap with an additional $42 million in cash on hand, which comprised investments from Salesforce Ventures, New Enterprise Associates (NEA), National Grid Partners, and Wells Fargo Strategic Capital.