Sitetracker raises $42m in series C

27 January 2021 | Melanie Mingas

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Sitetracker has raised US$42 million in its series C funding round, taking its total raise to $92 million.

The series C round was led by new investors H.I.G. Growth Partners, Energy Impact Partners (EIP), Telekom Innovation Pool (TIP), and Clearvision Ventures.

Returning investors included Energize Ventures, New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, and Salesforce Ventures, among others.

Supporting the deployment, operation and servicing of critical infrastructure Sitetracker is used by Ericsson, Fortis, Google, British Telecom, and Vodafone, to optimise the asset lifecycle through native platform inclusions like AI, automation, and actionable analytics. The firm said it allows stakeholders to "deploy, maintain, and grow their capital asset portfolios".

“It is clearer now more than ever that there are missing links within our critical infrastructure, and traditional analogue industries must find solutions for remote deployment and maintenance of their assets to stay ahead of the curve,” said Energize Ventures partner Katie McClain (pictured), 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.”

Sitetracker CEO Giuseppe Incitti, added: "We are committed to building a software platform and company that empowers our customers to transform entire industries.

“And to our customers and employees, thank you for your partnership and hard work. I am excited to continue our journey together.”

Scott Hilleboe, managing director of H.I.G. Growth Partners, said: “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.”