Proceeds to accelerate SiteTraker Program & Asset Management platform expansion
MONTCLAIR, N.J. & PALO ALTO, Calif. – July 11, 2017 – SiteTraker, the first complete program and asset management platform designed to modernize end-to-end infrastructure and capital project execution, today announced that it has raised $11 million in Series A financing led by New Enterprise Associates, Inc. (NEA). Proceeds from the financing will be used to accelerate the SiteTraker Program & Asset Management platform roadmap, deepen customer engagement and continue market expansion.
“SiteTraker is bringing differentiated technology and a unique approach to markets hungry for innovation,” said Chetan Puttagunta, NEA General Partner and SiteTraker board member. “SiteTraker’s early success supporting the world’s most innovative companies in telecommunications and smart cities is just the beginning. We’re excited to partner with the SiteTraker team to help propel growth and the expansion of their platform as they continue to modernize the $10 trillion construction goods and services market.”
SiteTraker is designed to address the unique challenges project managers face when managing large portfolios of complex and dynamic capital projects. SiteTraker uniquely provides enterprise functionality that is designed to increase user productivity, user adoption and data quality:
- Intelligent project templates, optimized to capture key KPIs
- Advanced reporting, dashboarding and notifications
- Automated forecasting, scheduling and activity assignment
- Mapping and location intelligence purpose-built for site-based projects
- Differentiated support model designed to ensure customer success
- Flexible, two-way integration capabilities
“SiteTraker uniquely allows the world’s most innovative project managers to more effectively manage large, complex and dynamic capital projects and assets,” said Giuseppe Incitti, CEO of SiteTraker. “We are extremely excited to partner with NEA to further accelerate the pace of innovation we deliver to customers as we work to grow the SiteTraker platform and our company.”
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 over $19 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 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com.