Why We’re Continuing to Invest in Sitetracker

Energize Ventures leads $42M Series C financing and secures new board seat

Katie McClain, Partner, Energize Ventures
January 27, 2021

Energize Ventures is excited to announce our continued support of Sitetracker, the global standard for managing high-volume critical infrastructure projects. Today Sitetracker closed a $42 million Series C financing, led by Energize Ventures and H.I.G Growth Partners along with participation from returning investors New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures and others. In addition to H.I.G. Growth Partners, new investors in the round include Energy Impact Partners (EIP) and Clearvision Ventures. With our investment, Energize partner Katie McClain joins the board of directors alongside managing partner John Tough.

Bridging new gaps in critical infrastructure

The transition from centralized to distributed assets in critical infrastructure is happening at an unprecedented pace. Critical infrastructure providers like those in utilities, energy and telecommunications are entering a new era, enabled by technologies that make decentralization not only possible, but necessary.

Fueled by the necessity to decarbonize, decentralize and digitize, we’re seeing this play out across the energy and heavy industry sectors in a number of ways:

  • Renewable energy: The sustained growth affecting the renewable energy industry is remarkable — renewable energy projects are complex, and tools like Sitetracker will make it easier to manage these larger and more dynamic projects.
  • Electrification of transportation: EV charging leaders choose Sitetracker for project management as they roll out the next generation of transportation infrastructure.
  • Utilities: As the number of solar rooftop installations increases, so does the need to manage net metering process interconnection requests. Sitetracker is working with utilities across the country to help streamline and increase efficiencies to meet the increase in demand.

However, innovation in these industries brings about a new challenge: As operations shift from a single, central location to high-volume loads across a distributed asset base, additional technology is needed to operate and maintain infrastructure. As the world becomes more decentralized, new tools are needed to efficiently deploy and manage the next generation of assets.

This is where Sitetracker comes into play. Sitetracker’s asset management software is built to power the successful deployment of critical infrastructure, enabling customers to effectively manage high-volume distributed projects with accurate, real-time data on one easy-to-use platform.

The perfect fit for an increasingly distributed energy landscape

When we initially invested in Sitetracker in 2019, they already had established a global leadership position in the telecom industry, with a proven track record among blue chip customers. This is an area they continue to dominate and have signed on new customers such as Vodafone and Ericsson. Traction was accelerating across the energy and utility sectors, too. Sitetracker has attracted market leaders across the EV charging landscape — including Energize portfolio company Volta Charging — facing the challenges associated with scaling operations to meet demand in a market experiencing unprecedented growth.

Telecom, utilities, EV charging and other critical infrastructure providers share a similar playbook when it comes to deploying and managing distributed assets. In the energy sector in particular, the transition from fossil fuels to renewables — and from more centralized power plants to distributed energy installations — is showing no signs of slowing down:

A rapidly growing market for renewable energy = more distributed assets to deploy, operate and manage = the ideal challenge for Sitetracker’s platform solution.

Growing team with a customer-centric mindset

Since we met Sitetracker CEO Giuseppe Incitti and cofounder and CTO Tim May, they’ve shown an unwavering commitment to their customers — even as they grow and scale their team. With a global presence that includes offices and employees across the U.S., Europe, Latin America and APAC, the Sitetracker team is able to provide its customers localized support around the world.

“Despite 2020’s challenges, we managed to materially grow our customer base through providing truly differentiated software and services to our customers,” said Giuseppe. “We remain committed to building a software platform and a company that supports our customers as they transform entire industries.”

There is no doubt around preservation of company culture, either. The team has filled its trophy case in the last year, earning a number of accolades including #1 CEO for Diversity by Comparably, Business Intelligence Group’s Best Places to Work, and many more.

We’re thrilled to continue supporting this award-winning team as they partner with industry leaders to optimize how they plan, deploy, maintain and grow their capital asset portfolios. At Energize, we are especially excited about what the future holds for the alternative energy landscape and the potential for Sitetracker’s platform to accelerate innovation in this space.