Business Wire

Sitetracker raises $42M in Series C Financing

Share

Sitetracker, the global standard for deploying, operating, and servicing critical infrastructure and technology, announced $42 million in additional funding today. The round was led by new investor H.I.G. Growth Partners as well as returning investor Energize Ventures with follow-on investment from all other returning investors, including New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures, and others. New investors participating in addition to H.I.G. Growth Partners include Energy Impact Partners (EIP), Telekom Innovation Pool (TIP), Clearvision Ventures, and others. This round of financing brings the total investment in Sitetracker to $92 million, and the investment will further accelerate Sitetracker's 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,” said Scott Hilleboe, Managing Director of H.I.G. Growth Partners. “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,” said Energize Ventures Partner Katie McClain, who recently joined Sitetracker's Board alongside Energize’s existing seat held by John Tough. “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.”

Despite 2020’s challenges, Sitetracker grew its global user base by 17,000 users across various industries, including telecom, utilities, and alternative energy. With a truly customer-centric approach, Sitetracker prides itself on localized support around the world. Sitetracker’s global presence includes offices and employees across the USA, Europe, Latin America, and APAC and is supported by top system integrators and a global partner network.

“Last year, we hired extensively across all departments. From executives, John Edebol, VP Americas, and Alejandro Padilla, VP LATAM to Jena Singleton, Head of Employee Experience, Diversity, and Belonging,” said Giuseppe Incitti, CEO at Sitetracker. “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.”

Sitracker innovated in 2020 to ensure its customers stayed ahead of the curve. Alongside out-of-the-box features like  Trackers Sitetracker Mobile, and  Intelligent Project Templates, Sitetracker customers also adopted newly released features, including  machine learning and  Sitetracker for the field. Sitetracker’s customers benefited from faster project completion, improved resource allocation, and decreased cycle times.

Sitetrackers powerful platform coupled with their continued investment in customer success drove adoption rates above 90%. “Sitetracker is gaining momentum by fostering strong customer relationships and delivering best in class software to critical infrastructure companies,” said Colin Bryant, Partner at NEA. “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,” said 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,” said Giuseppe Incitti, CEO at Sitetracker. “And to our customers and employees, thank you for your partnership and hard work. I am excited to continue our journey together.”

To learn more about how you can find operational excellence for your critical infrastructure business,  request a demo today.

About Sitetracker

Sitetracker, Inc. is the global standard for deploying, operating and servicing critical infrastructure and technology. The Sitetracker Platform enables growth-focused innovators to optimize the entire asset lifecycle through native platform inclusions like AI, automation, and actionable analytics. From the field to the C-suite, Sitetracker enables stakeholders to optimize how they plan, deploy, maintain, and grow their capital asset portfolios. Market leaders in the telecommunications, alternative energy, and utility industries — such as Ericsson, Fortis, Google, British Telecom, and Vodafone — rely on Sitetracker to manage millions of sites and projects representing over $25 billion of portfolio holdings globally. For more information, visit www.sitetracker.com.

About H.I.G. Growth Partners

H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $43 billion of equity capital under management. H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe, and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.

About Energize Ventures

Energize Ventures is a pre-growth venture capital firm located in Chicago. Energize partners with entrepreneurs to advance the next generation of energy and industry by investing in software and business model innovations. Since it was founded in 2016, Energize has made 14 investments spanning cybersecurity, mobility, data analytics, operational efficiency and distributed assets. For more information on Energize Ventures, please visit www.energize.vc.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.

About National Grid Partners

National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads company wide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us on Twitter (@ngpartners_).

About Wells Fargo Strategic Capital

Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.

About Salesforce Ventures

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.

About Energy Impact Partners

Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking utilities and operating companies to advance innovation. With more than $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London and Cologne. For more information on EIP, please visit www.energyimpactpartners.com.

About Telekom Innovation Pool (TIP)

TIP is the strategic investment vehicle of Deutsche Telekom. TIP is advised by DTCP, an investment management firm focused on growth equity and digital infrastructure. Founded in 2015, DTCP has raised more than $1 billion in funds from corporate and institutional investors and invested in over 70 companies. The driving force behind the firm’s strategies is the belief that the convergence of networks, devices and the internet is creating more wealth, disrupting more businesses, and unleashing more innovation than any force in the history of technology. DTCP is headquartered in Hamburg with offices in Menlo Park, Tel Aviv and Seoul. To learn more about DTCP, please visit dtcp.capital.

About Clearvision Ventures

Clearvision Ventures was formed in 2015 by seasoned, entrepreneurial VC’s, who have decades of proven venture investing experience, as well as successful technology entrepreneurial experience. We have backed the most highly valued companies at the intersection of software and sustainability, including ChargePoint, Sonnen and Azure Power. The firm’s funds are structured as a long term evergreen funds, to better align with entrepreneurs for long term investing. We use our differentiated approach and value add to partner with and invest in the category leading digital technology start-ups that can play a meaningful and positive role in sustainable energy and infrastructure.

Contact information

Max Moriarty
mmoriarty@sitetracker.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Bessemer Venture Partners Closes $3.3 Billion Across Two Funds; Welcomes Amazon.com Veteran Jeff Blackburn as Partner26.2.2021 01:40:00 EETPress release

Bessemer Venture Partners, a global early-stage venture capital firm, today announced the close of two new funds, adding $3.3 billion of capital for investing in promising technology companies at their early and subsequent growth stages. Additionally, the firm welcomed five new partners, including Jeff Blackburn, who joins Bessemer Venture Partners from Amazon, alongside the promotion of existing Bessemer investors Mary D'Onofrio, Mike Droesch, Tess Hatch, and Andrew Hedin. “Today marks an incredible milestone at Bessemer as we launch our latest and largest funds and add five exceptional investors into the partnership,” said Jeremy Levine, a partner in Bessemer’s New York office. “I’m proud to celebrate the success of Mary, Mike, Tess, and Andrew, and I am excited to welcome Jeff to the firm. Having known Jeff for 15 years, I’m a great admirer of his stunning track record as an innovator and leader paired with his deep humility. I know his peerless experience leading one of the world’s

Puma Biotechnology and Pierre Fabre Amend NERLYNX® License Agreement to Include Greater China26.2.2021 00:07:00 EETPress release

Puma Biotechnology, Inc. (Nasdaq: PBYI), a biopharmaceutical company, and Pierre Fabre, a leading French pharmaceutical company, have agreed to extend the terms of the 2019 license agreement which grants Pierre Fabre exclusive rights to develop and commercialize NERLYNX® (neratinib) within Europe, Turkey, Middle East and Africa. The amended agreement extends Pierre Fabre’s commercial rights for NERLYNX to Greater China, which includes mainland China, Taiwan, Hong Kong and Macau. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225006150/en/ Under the terms of the amendment, Puma will receive an upfront payment of $50 million, as well as additional regulatory and sales-based milestone payments that could add up to an additional $240 million. These milestones will be based solely on regulatory and sales achievements in Greater China. In addition, Puma will receive significant double-digit tiered royalties on the sales of NERL

Moody’s ESG Solutions Group: V.E Provides Second Party Opinion on Italy’s First Sovereign Green Bond Framework and Issuance25.2.2021 22:33:00 EETPress release

Moody’s ESG Solutions Group announced today that Moody’s affiliate V.E has provided a Second Party Opinion on Italy’s sovereign green bond framework and first green bond issuance. The framework, which is aligned with the four core components of the Green Bond Principles 2018, will be used to finance budget lines reflective of Italy’s environmental priorities, including renewable energy and clean transportation. In V.E’s opinion, these categories are likely to contribute to seven of the United Nations Sustainable Development Goals. “In our assessment, the bonds issued via this framework will provide a ‘robust’ contribution to sustainability. Italy has committed to conduct due diligence on the environmental contribution of the projects that it chooses to finance. The financed expenses have clear benefits in terms of climate mitigation, climate adaptation, pollution prevention and control, transition to a circular economy, the responsible management of natural resources, and the protectio

International Zinc Association Launches Zinc Battery Initiative25.2.2021 21:48:00 EETPress release

The International Zinc Association (IZA) is excited to announce the launch of its newest program, the Zinc Battery Initiative. Recent extreme weather events, amplified by climate change, have once again focused attention on the future role of fossil fuels and the capacity and resilience of energy grids worldwide. One of the most impactful ways of addressing this is through cost-effective energy storage. As renewables become an ever-greater part of the electrical grid, energy storage can help address solar and wind power's intermittency. It can also help respond to large fluctuations in demand by capturing and storing excess energy during low demand and bringing it online during peak times. Energy storage also helps provide resilience by serving as a backup energy supply when generation is interrupted. It will also play a pivotal role in electrifying transport, and other applications where power is needed, but tethered connections to the grid are not practical. Addressing climate change

Hyosung TNS Invites Customers to ‘Be Inspired’ With New Campaign25.2.2021 19:00:00 EETPress release

Hyosung TNS, the world-leading ATM manufacturer, has begun a global initiative to reinvent its user experience through the implementation of a branding refresh titled “Be Inspired.” The campaign draws upon the impressive technological history of the industry innovator to lead clients through a journey to experience solutions-driven communication. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225005240/en/ Hyosung TNS' technologically impressive, new 140-page website has been designed to unify Hysoung's leadership in the financial institution and retail industries and consolidate all of its previous, regional websites into one global website, including a multi-language interface and an intuitive, interactive product catalog. (Photo: Business Wire) The “Be Inspired” initiative employs “plain language and interaction” that show how Hyosung is inspired by its customers to create new business solutions – and how those solutio

CMT’s New Report Confirms Increasing Appetite for Connected Insurance in Europe25.2.2021 18:25:00 EETPress release

A large shift in driving habits due to the COVID-19 pandemic has changed how people think about motor insurance across Europe, according to a new study by Cambridge Mobile Telematics (CMT), the world’s leading mobile telematics and analytics provider. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225005773/en/ (Graphic: Business Wire) Based on the surveys of 4,000 drivers in France, Germany, Italy and the U.K., the new report shows shifting attitudes towards quoting channels, claims services, pricing models and value-added services, broken down and analysed by location, age and driving behaviour. The two surveys - taken in January 2020, before the pandemic, and then nine months later in September 2020 - reveal up to 81 percent of the drivers in Europe have changed how they drive because of COVID-19. Now 65 percent are interested in connected insurance, a 32% jump in nine months. The pandemic has modified commuting patter

Alpega Group Showed Impressive Results In 202025.2.2021 18:00:00 EETPress release

Alpega Group, a leading provider of end-to-end transportation and logistics management software, has positioned itself to meet logistics challenges with impressive results in 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225005665/en/ Alpega Group, a leading provider of end-to-end transportation and logistics management software, has positioned itself to meet logistics challenges with impressive results in 2020. (Photo: Alpega Group) Alpega’s business units had an outstanding performance last year. On one hand, their freight exchanges’ customer acquisitions strongly grew by 20% compared to the previous year and existing clients had a higher renewal rate. On the other hand Alpega TMS added 83 new customers and had a tremendous increase in usage of their smart booking solution. Alpega’s CEO, Todd DeLaughter, commented on these results: “I’m very excited with Alpega’s excellent performance proving the value of our sol

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom