SitePro, Inc Announces Closing Of $16 Million Financing Round

LUBBOCK, Texas, Nov. 3, 2022 /PRNewswire/ -- Today, SitePro, Inc. ("SitePro" or "the Company"), a technology company focused on providing solutions and services for managing critical infrastructure operated by customers in the water and energy markets, announces the closing of its Series E financing round. The $16 million round includes $5 million in growth capital to pursue business development and product marketing initiatives in two new verticals which the Company has established early traction in, the municipal/water utility market and the ag/irrigation market. Funding was provided by multiple family office and individual investors along with follow-on investments from existing shareholders, including substantial investments from several members of its board of directors.

"We always say you can't manage what you can't measure, and you can't measure what you can't see. Oftentimes the mission critical infrastructure that is the lifeblood of our country gets taken for granted or overlooked in terms of how it operates. SitePro's technology and services enable the operators of these assets to better understand their data so they can make intelligent decisions that impact our daily lives. Closing on our Series E funding round is a key milestone for expanding SitePro's market reach, and we look forward to executing on our future strategic growth objectives," said David Bateman, Chairman & Co-CEO of SitePro.

The Company's vision is for its technology to become the standard automation and control system for operating remote assets such as:

• Upstream oil & gas wells and associated production facilities,
• Midstream assets and gathering systems,
• Water sourcing and storage infrastructure,
• Wastewater and treatment facilities, and
• Large-scale irrigated farms.

SitePro's patented technology is based on a No-Code software framework whereby complicated tasks can be done easily and remotely by a wide range of users from on-site operational personnel to executive management team members, uniting everyone in one simple, easy-to-use platform.

"The addressable market for SitePro is simultaneously experiencing new infrastructure development - driven by increased demand, population growth and resource conservation - and the need for operators of aging infrastructure to adopt modern technology in order to catch up from decades of deferred maintenance and underinvestment.  We have built a strong team that is passionate about solving problems for our customers and excited for the opportunity to introduce what we view as a revolutionary platform to new customers and users across the country. As we look ahead, we are focused on continuing to build our team and accelerating our go-to-market efforts – the Series E round is a major step in that direction," said Josh Cobb, CFO of SitePro.

For information about SitePro, please visit the Company website at www.sitepro.com or follow it on social media.

SOURCE SitePro