“With the world's largest telecom and energy providers using our platform to manage their wireless, wireline, solar, and energy deployments and operations worldwide, Sitetracker has a strong tailwind going into 2023 and beyond,” said Giuseppe Incitti, Sitetracker's CEO. “This new financing will help us continue to expand our market presence while also investing in our technology so we can stay ahead of the curve in the dynamic energy and connectivity industries.”
In addition to Energize Ventures, the financing round included strong participation from existing investors including H.I.G. Growth Partners, National Grid Partners, Clearvision Ventures and others, as well as participation from new investors including NTT Docomo Ventures, Kingfisher Investment Advisors, and Raine Next-Gen Communications.
Sitetracker is currently operating in 30 countries with ongoing customer deployments scheduled to bring the platform to over 100 countries by the end of 2024. This expansion is a direct result of many Sitetracker customers building on their initial success with Sitetracker's technology, and major government initiatives around the world, such as the Inflation Reduction Act in the United States and NextGenerationEU in Europe. These initiatives include billions in funding for 5G capabilities, high-speed broadband, EV charging stations, solar arrays, and other critical infrastructure, pressuring companies to accelerate deployments of clean energy and high-speed connectivity. Sitetracker's solution helps customers efficiently manage high volumes of distributed assets.
Industry leaders across telecom, energy, construction and engineering, real estate, and media use Sitetracker's cloud-based platform to manage and deploy their projects. Among Sitetracker's customer base are energy and EV charging companies including ChargePoint, NextEra Energy, Southern Company and Duke Energy as well as telecom providers such as AT&T, Segra, Zayo and British Telecom. Many customers explored the technology for specific programs and experienced such increases in efficiency, cost-savings, and strategic planning that they are now rolling out Sitetracker company-wide.
“Energy infrastructure as we know it is fundamentally changing – in the U.S. alone, we expect more than 500,000 EV chargers to be deployed and solar installations to quadruple over the next decade,” said Kevin Stevens, partner and head of growth equity at Energize Ventures. “The future of the new energy economy relies on the ability to efficiently deploy and manage a growing number of distributed assets, and Sitetracker is building the digital backbone that enables that deployment. Our continued investment in the company is a testament to our conviction in the size of the market opportunity as well as the aptitude of the Sitetracker team and software platform.”
The $96M in new financing brings Sitetracker's total capital raised to nearly $200 million since 2013. It comes as the company closed the first half of its 2022 fiscal year with 50% year-over-year growth. So far in 2022, Sitetracker has launched a new Tower Solution, forged a new partnership with a leader in private 5G networks, added new languages and mobile capabilities to its platform, and hired over 75 people in eight new countries, bringing its total employee count close to 400.
“Sitetracker is poised for significant growth and success, particularly as we onboard new sales capacity, hire talent across all business functions, and gain further market awareness,” said Incitti.