Leuven, Belgium, 23 September 2019 – Sitemark, a world-leading aerial data analytics company has raised a total of €5 million in a Series A investment round led by Korys and existing investor Chroma Impact Investment.
The new investment round will allow Sitemark to further capitalize on its position as a growing market leader within the AI-driven, aerial data analytics industry. With ambitious plans, the proceeds will be used to accelerate growth and aggressively expand its Sales, Marketing and Engineering teams, doubling the workforce during 2019 – 2020. The company will also continue to establish its worldwide presence and accelerate the development of its portfolio of products.
Vishal Punamiya, CEO, SITEMARK
The investment from Korys and Chroma is another exciting milestone for the company and is testament to the work we are doing and the confidence our investors have in our organization. This latest round of funding will allow us to hire the talent that is required to kick start the next phase of our exciting journey and continue the impressive growth trajectory that we are on.
As a leading global provider of aerial business intelligence, Sitemark is pioneering the way enterprises access aerial information. Through the development of ground-breaking technologies and AI that fuses the physical and digital worlds, Sitemark will transform the way organizations capture and analyze data.
The use of data analytics and enabling technologies is one of the specific areas within our Renewable Energy ecosystem, in which Korys wants to invest. The investment in Sitemark, a promising Belgian company, is an excellent opportunity to further increase this focus, as well as provide exposure towards the solar market. Additionally, we are impressed with the rapid growth of the company so far and the technological advancement of the product vis-à-vis its competitors. In a market where subsidies are decreasing or simply disappearing for renewable energy producers, analytics and intelligent insights will be key to create and capture additional value.
Brieuc de Hults, Senior Investment Manager, Korys.
Sitemark is a trusted partner of some of the world’s largest companies such as Vinci, Engie, Bouygues and Orix. Within the Energy, Mining, Agriculture and Construction industries, Sitemark helps its customers reduce and streamline their costs, avoid project delays, and manage large portfolios across the entire life cycle of their projects.
As a historical investor, we are very pleased to continue to support the international growth of Sitemark. We are convinced that the Sitemark team and technology have the capacity to bring significant added value to its customers. Intelligent use of aerial information can significantly contribute to strengthen the energy transition thanks to a more efficient solar industry, as well as in other industries.
Manoël Ancion, Managing Director at Chroma
Founded in Belgium, Sitemark is a world-leading aerial data analytics company active in +30 countries within the Energy, Mining, Agriculture and Construction industries. Sitemark enables enterprises to deploy drones and aerial data at scale while enabling their digital transformation strategy.
Sitemark is revolutionizing the way enterprises access aerial information. Sitemark’s comprehensive set of technology, based both on drones and machine learning, enables enterprises to gather and analyze aerial information, all within an enterprise workflow.
Korys is a family-owned holding company that manages the estate of the Colruyt family, championing value-driven business practices by investing in people and companies. Korys is a patient long-term investor and believes an attractive return is perfectly compatible with a positive contribution to people, the environment and society.
Our specialized teams immerse themselves in 3 major ecosystems (Life Sciences, Renewable Energy and Conscious Consumer) and participate sensibly, responsibly and knowledgeably in growth companies. From the moment we step onboard, we plan strategically with these companies, bringing them into our network: by encouraging the cross-pollination of our various portfolio companies – these businesses reinforce each other.
Today Korys has over 20 companies in its portfolio, more than €5 billion of assets under management, amongst which a significant portion in Colruyt Group, and a team of 30 investment professionals based in Belgium. https://www.korys.be/
Chroma is a development and investment company active in three complementary pillars to stimulate the changes towards effective energy transition: Green energy, Greentech and Social Impact.
Transitioning towards sustainable and renewable sources of energy production has become an essential response to the major environmental, economic and social challenges our planet is facing. The success of this transition depends on everyone doing their part (individuals, businesses, investors, politicians, media, etc.).
As a company that invests in and develops industrial energy projects, Chroma acts as a catalyst for this transition.
Our shareholders come from Belgian industrial families who want to participate in the energy transition while contributing concretely to the development of meaningful projects with a positive social and environmental impact. https://www.chroma.eu
Joe Threlfall. Senior Marketing & Communications Manager
Brieuc de Hults, Senior Investment Manager