US-based asset-tracking software developer Sitetracker has completed a $10m extension to a series B round backed by enterprise software provider Salesforce and energy supplier National Grid that now totals $34m.
Venture capital firm Energize Ventures supplied the extension, which followed a $24m first tranche led by New Enterprise Associates (NEA) and backed by National Grid Partners, Salesforce Ventures and Wells Fargo Strategic Capital, respective subsidiaries of National Grid, Salesforce and bank Wells Fargo, in August 2018.
Founded in 2013, Sitetracker supplies software that helps companies track, deploy, plan and manage a diverse range of distributed capital assets and projects.
The platform is used by telecommunications, utility, smart city and energy businesses, such as internet and technology group Alphabet, telecommunications firm Verizon and communications technology provider Nokia.
The round came after Sitetracker had secured $11m in series A round led by NEA in July 2017, when it was still known as SiteTraker.
Giuseppe Incitti, Sitetracker’s chief executive, said: “We are excited to have Energize Ventures as a partner. Their investment represents continued validation that critical infrastructure operators are ready and need to tackle the challenges being presented by a shifting technological landscape.”