LUBBOCK, Texas, June 21, 2018 /PRNewswire/ -- SitePro today announced a financing round led by Cottonwood Venture Partners ("CVP"), a leading digital oilfield technology venture capital firm. Investing alongside CVP were several of SitePro's earlier investors, including members of the Lubbock Angel Network. SitePro provides an end-to-end solution for water management by digitalizing and automating water infrastructure in the oil and gas industry. SitePro's leading cloud and edge-based technologies streamline operations across the full water-lifecycle and support water management operations for some of the largest oil and gas operators. The financing will enable SitePro to more rapidly expand to additional geographies and augment its platform to add increased value to its customers.
Water management has become of increasing importance in the oil and gas industry, as water production soars and regulatory requirements mount, increasing operating expenses for operators. SitePro's products and services help operators manage their water infrastructure by applying advanced proprietary technology solutions. SitePro's customers gain operational efficiencies from the ability to remotely monitor and control assets, improve water logistics, simplifying regulatory reporting, and reduce environmental risks throughout the entire water lifecycle.
"The downturn created a need for companies in the oilfield to become more efficient. At SitePro, we help companies apply solutions for their water infrastructure to help reduce costs and gain visibility to track water across assets in real-time to help optimize decision making," said David Bateman, Co-Chief Executive Officer of SitePro. "As a result, we have seen a dramatic increase in customer adoption of our technologies and we are excited to leverage our partnership with CVP to accelerate growth."
To capitalize on its current position as the leading water management automation technology, SitePro plans to expand and enhance its product and service offerings.
"When we think about our product roadmap and enhancing its value for the industry, we are focused on leveraging our IoT platform for data collection and analytics as we continue to improve our one-of-a-kind solution that offers real time information at our users' fingertips. We are excited about the opportunity to accelerate our focus on product development with the partnership with CVP," said Aaron Phillips, Co-Chief Executive Officer of SitePro.
SitePro will add to its team and open additional offices to better serve its customers throughout North America. Further, SitePro will add software engineering talent to strengthen its existing platform and launch additional products currently under development. The added products and features will enable SitePro's customers to improve site automation, rapidly and accurately detect and predict failures, and seamlessly manage numerous assets remotely.
"SitePro is already the preferred provider of automation technologies to the growing water market in the Permian Basin," said Ryan Gurney, Managing Partner of CVP. "SitePro is on the leading-edge of the digital paradigm shift that we have seen take hold in the oil and gas industry and has already achieved tremendous success. We are excited to partner with the team to continue to deliver innovative solutions to our customers."
Westlake Securities, LLC served as financial advisor to SitePro in connection with the transaction.
SitePro is a digital oilfield water management company focused on delivering automation and software solutions. Since launching as a service product in 2012, SitePro has become one of the fastest growing automation solutions in the nation, offering a logistical advantage for energy's modern age to meet the digital technology needs of the industry. SitePro was built for the energy industry by a team who understands the oilfield and the need to reduce costs while increasing efficiency and production. The SitePro staff consists of highly knowledgeable industry professionals from engineering, computer science, field service and business backgrounds.
About Cottonwood Venture Partners
Cottonwood Venture Partners ("CVP") is a Texas-based venture capital firm partnering with companies that provide digital solutions for the oil & gas industry. CVP invests in digital technology companies that have achieved early customer adoption and require capital to accelerate growth. CVP leverages its expertise and relationships in energy and technology to help drive growth at its portfolio companies. For more information, please visit http://cottonwoodvp.com.