Sitemark, a world-leading aerial data analytics company has raised €5 million in a series A investment round led by Korys and current investor Chroma Impact Investment.
The new investment round will allow Sitemark to further capitalize on its position as a growing market leader within the AI-driven, aerial data analytics industry. With ambitious plans, the proceeds will be used to accelerate growth and aggressively expand sales, marketing and engineering teams, doubling the workforce during 2019-2020. The company will also continue to establish its worldwide presence and accelerate the development of its portfolio of products.
The investment from Korys and Chroma is another exciting milestone for the company and is testament to the work we are doing and the confidence our investors have in our organization. This latest round of funding will allow us to hire the talent that is required to kick start the next phase of our exciting journey and continue the impressive growth trajectory that we are on.
Vishal Punamiya, CEO, Sitemark
As a leading global provider of aerial business intelligence, Sitemark is pioneering the way enterprises access aerial information. Through the development of ground-breaking technologies and AI that fuse the physical and digital worlds, Sitemark will transform the way organizations capture and analyze data.
The use of data analytics and enabling technologies is one of the specific areas within our renewable energy ecosystem, in which Korys wants to invest. The investment in Sitemark, a promising Belgian company, is an excellent opportunity to further increase this focus, as well as provide exposure towards the solar market. Additionally, we are impressed with the rapid growth of the company so far and the technological advancement of the product vis-à-vis its competitors. In a market where subsidies are decreasing or simply disappearing for renewable energy producers, analytics and intelligent insights will be key to create and capture additional value.
Brieuc de Hults, senior investment manager, Korys
Sitemark is a trusted partner of some of the world’s largest companies, such as Vinci, Engie, Bouygues and Orix. Within the energy, mining, agriculture and construction industries, Sitemark helps its customers reduce and streamline their costs, avoid project delays and manage large portfolios across the entire life cycle of their projects.
As a historical investor, we are very pleased to continue to support the international growth of Sitemark. We are convinced that the Sitemark team and technology have the capacity to bring significant added value to its customers. Intelligent use of aerial information can significantly contribute to strengthen the energy transition thanks to a more efficient solar industry, as well as in other industries.
Manoël Ancion, managing director at Chroma