Sitetracker, a US-based creator of software that helps businesses manage their capital assets, secured $24m yesterday in a series B round featuring enterprise software provider Salesforce and bank Wells Fargo.
The round was led by New Enterprise Associates (NEA), the venture capital firm that led the company’s $11m series A round in July 2017, and included unnamed additional investors. The corporates took part through subsidiaries Wells Fargo Strategic Capital and Salesforce Ventures.
Founded in 2013m Sitetracker has created a software platform that enables businesses in industries such as telecommunications, smart cities and energy to monitor and manage the deployment and progress of a diverse range of distributed capital assets and projects.
The funding will go to product development and international growth. Matthew Raubacher, Wells Fargo Strategic Capital’s managing director, said: “Sitetracker is modernising how enterprise project and asset management is practiced across major industries.
“We are excited to be an equity investor in Sitetracker and support this exceptional leadership team in their next phase of growth.”
Sitetracker CEO Giuseppe Incitti added: “This new round of investment will allow us to further accelerate our product roadmap and increase our global reach. We look forward to continuing to partner with our customers and investors to transform how critical infrastructure is deployed.”