Sitetracker raises $42 million to bring big data insights to critical infrastructure management

Sitetracker, a multi-site project management platform designed to track and manage critical infrastructure projects, has raised $42 million in a series C round of funding co-led by H.I.G. Growth Partners and Energize Ventures.

Founded out of Palo Alto in 2013, Sitetracker enables companies such as utility, telecom, and electric vehicles (EVs) to remotely deploy and maintain all their physical assets, gleaning real-time data and insights through reports and dashboards. This is enabled in part by Salesforce’s AI-powered Einstein Analytics, which mines historical data to serve predictive insights — this means that Sitetracker customers can establish more accurate forecasts for each milestone and project completion date, for example, based on market conditions, jurisdictions, vendors, and more. Sitetracker also integrates with myriad third-party enterprise platforms, spanning data warehouses, accounting, CRMs, ERPs, and more.

The platform, ultimately, is designed to replace legacy systems that have been “frankensteined together,” as Sitetracker CEO Giuseppe Incitti put it, which can’t effectively cope with the challenges presented by project variety and volume. This often entails disconnected spreadsheets, clipboards, and other disparate tools, whereas Sitetracker promises “a single source of truth” by consolidating all project data in a single platform.

“Sitetracker helps infrastructure companies both identify and eliminate inefficiencies across large deployments,” Incitti told VentureBeat.

Above: Sitetracker: Asset and lease dashboard

Prior to now, Sitetracker had raised $45 million, including its $10 million series B round back in 2019. Its latest raise comes as President Biden announced a $2 trillion plan to rebuild American infrastructure with clean energy at its core, spanning green spaces, water systems, electricity grids, and more. This puts platforms such as Sitetracker in a strong position to capitalize.

“Under the Biden plan, and similar initiatives around the world, the volume of wind, solar, EV charging stations, and battery deployments are going to increase dramatically, as are the number of workers needed to bring these projects to life,” Incitti said. “Sitetracker is uniquely positioned to act as both a vehicle to ensure infrastructure operators can deploy quickly and cost-effectively to achieve their targets, and a competitive advantage to those companies looking to hire and scale their employee base systematically.”

With another $42 million in the bank, which included investments from Salesforce Ventures, Enterprise Associates (NEA), National Grid Partners, and Wells Fargo Strategic Capital, the company said it plans to accelerate its global growth and product roadmap.


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(Excerpt) Read more Here | 2021-01-27 11:01:00
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