US-based asset-tracking software developer Sitetracker has raised $42m in a series C round co-led by Energize Ventures, an investment arm of power producer Invenergy, and growth equity firm HIG Growth Partners.
Electricity distributor National Grid, enterprise software provider Salesforce, financial services firm Wells Fargo and telecommunications firm Deutsche Telekom took part in the round through respective subsidiaries National Grid Partners, Salesforce Ventures, Wells Fargo Strategic Capital and Telekom Innovation Pool.
The round was filled out by New Enterprise Associates (NEA), Energy Impact Partners, Clearvision Ventures and unnamed additional investors. The company said the round increased its funding to $92m since it was founded in 2013.
Sitetracker has developed software that enables businesses to track and manage their capital assets and projects. It said its platform is being used to manage over $25bn of portfolio holdings globally and it will use the funding to accelerate its product roadmap and support global expansion.
NEA led an $11m series A round for the company in 2017, before joining Wells Fargo Strategic Capital, Salesforce Ventures, National Grid Partners and undisclosed others to provide $24m in series B funding the following year. Energize Ventures provided a $10m extension to the series B round in June 2019.
Katie McClain, partner at Energize Ventures, has joined Sitetracker’s board of directors, which already includes John Tough, a managing partner at the fund.
McClain said: “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.
“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.”