PALO ALTO, Calif., Aug. 23, 2018 /PRNewswire/ -- Sitetracker, the global standard for managing high-volume critical infrastructure projects, announced today $24 million in additional funding. Led by existing investor New Enterprise Associates (NEA) with participation from Wells Fargo Strategic Capital, Salesforce Ventures, and others. This round of financing will further accelerate Sitetracker's product roadmap and global expansion.
"At NEA, we seek to invest in companies that transform global industries with innovative and differentiated technology," said Ravi Viswanathan, General Partner at NEA. "Sitetracker's solution has changed how billions of dollars of capital assets are deployed in the telecommunications, utilities, and smart cities industries, among others. We are excited to continue partnering with Sitetracker as they expand their platform and reach."
Empowering innovative organizations to effectively manage the increasing volume, velocity, and variety of capital projects, Sitetracker is the world's first complete platform for managing modern, high-volume distributed capital projects and assets. Designed to serve cross-functional teams — from the field to the C-Suite — enterprises reap the benefits of Sitetracker's powerful workflow, automation, and reporting functionalities to elevate efficiency and maximize portfolio value.
"Sitetracker is modernizing how enterprise project and asset management is practiced across major industries," said Matthew Raubacher, Managing Director, Wells Fargo Strategic Capital. "We are excited to be an equity investor in Sitetracker and support this exceptional leadership team in their next phase of growth."
"We remain focused on building a platform that empowers our customers, the world's most innovative companies, to complete their projects and deploy their assets more efficiently," said Giuseppe Incitti, Sitetracker CEO. "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."
About Sitetracker, Inc.
Sitetracker, Inc. powers the successful deployment of critical infrastructure. As the global standard for managing high-volume projects, the Sitetracker Platform enables growth-focused innovators to optimize the entire asset lifecycle. From the field to the C-suite, Sitetracker enables stakeholders to perfect how they plan, deploy, maintain, and grow their capital asset portfolios. Market leaders in the telecommunications, utility, smart cities, and alternative energy industries — such as Verizon, Nokia, Fortis, Alphabet, and Panasonic — rely on Sitetracker to manage millions of sites and projects representing over $12 billion of portfolio holdings globally. For more information, visit www.sitetracker.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 220 portfolio company IPOs and more than 370 acquisitions. For additional information, visit www.nea.com.
About Wells Fargo Strategic Capital, Inc.
Wells Fargo Strategic Capital, Inc. is the principal investing and merchant banking division of Wells Fargo & Company. Wells Fargo Strategic Capital, Inc. provides structured financing to small and mid-cap companies in the United States and Canada.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company's corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 275 enterprise cloud startups in 17 different countries since 2009. For more information, please visit www.salesforce.com/ventures.