Sitetracker, the global standard for managing high-volume critical infrastructure projects, was named in National Grid Partners’ inaugural venture round to transform the utility industry.
Fresh off the heels of National Grid Partners’ (NGP) announcement of their $250 million fund, NGP has named their inaugural venture round to transform the utility industry. “Sitetracker is excited to be distinguished as a partner is changing the way utility companies think about the future of project and asset management. They’re facing a growing challenge, and we’re here to ensure that companies are using the right technology to tackle it. This investment is enabling us to bring Sitetracker to more organization, laying the groundwork for continued success for the utility industry, ” said Giuseppe Incitti, Sitetracker CEO.
This investment, a part of their $24 million Series B funding, will further accelerate Sitetracker’s product roadmap and global expansion, as well as enable the company to better serve the needs of the utility industry at this pivotal time. NGP selected Sitetracker as a part of this exclusive group because the need they address is critical to the success of the utility industry.
NGP kicked off by investing capital in five startups, including AutoGrid, ClimaCell, Omnidian, and Sitetracker. National Grid launched National Grid Partners with $250 million to invest in transformative technology companies over the next several years. Based in Los Gatos, CA, NGP plans to fund 10 to 15 startups per year.
NGP is helping bring innovation to the utility industry to proactively get ahead of load growth, increasing complexity in the network, and evolving regulatory challenges. For example, NGP is investing in Sitetracker to enable the successful deployment and maintenance of critical infrastructure, including utility poles, smart meters, distributed energy resources such as solar panels, interconnection points, and more. 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.
“We want to disrupt ourselves before we are disrupted,” Lisa Lambert, NGP
Senior Vice President and Chief Technology and Innovation Officer at National Grid told TechCrunch. “You can’t be satisfied with the status quo. We don’t want to rest on the strength of our asset profile or the fact that we are regulated; other industries had that same profile, it was hard for startups to break in and still, they got disrupted — massively disrupted.”
Giuseppe Incitti, Sitetracker CEO, echoes Lambert, “It’s imperative that utility companies get ahead of the growth coming their way. They’re going to have to be proactive. Load growth is returning, which brings with it increasing complexity in the network and evolving regulatory challenges. The utility industry needs an infusion of innovative technology to succeed, and NGP is providing just that. We’re excited to be a part of this new era of utility infrastructure.”
NGP and Sitetracker will work together to bring modern Software-as-a-Service (SaaS) technology, process standardization, and full-lifecycle project and asset management to an industry facing increasing volume, velocity, and variety of capital projects. Utility companies are reaping the benefits of Sitetracker’s powerful workflow, automation, and reporting functionalities to elevate efficiency and maximize portfolio value. NGP’s investment in Sitetracker, a modern project and asset management platform, will enable the utility industry to be agile as it scales to meet the growing needs of an increasingly connected world.
