Israeli digital construction management (DCM) Locusview has announced the completion of a $64 million Series A financing round led by Israel Growth Partners (IGP) in participation with existing investors. This brings to $80 million, the amount raised by Locusview to date.
The investment will support Locusview’s global reach, expansion into electric utilities, additional product development, and acquisition opportunities.
The company, which was founded by CEO Shahar Levi and CEO Americas Alicia Farag, has developed a digital construction management platform for energy, telecom, and water industries managing infrastructure capital projects from planning to revenue. Headquartered in Tel Aviv and Chicago, the company has 120 employees in 5 offices worldwide, with plans to double its staff by year-end.
Levi said, "Locusview is experiencing rapid growth with revenue in the tens of millions of dollars. With large deployments of our technology already being offered in the US, we are expanding our offering to additional utility companies in Europe, Australia, India, and Latin America. With the Series A round, our intention is to further expand our platform capabilities as well as our team to support the growing demand from existing and new customers parallel with an aggressive acquisition strategy of complementary companies."
The solution focuses on the field crews, inspectors, and back office management, enabling a streamlined data flow and simultaneous mobile and web access to manage the three crucial phases of infrastructure construction projects: planning, construction, and close-out.
"Nearly $500 billion is invested annually into energy and telecom infrastructures, spotlighting the massive market potential for Locusview. In less than three years, Locusview has been able to become a trusted partner for +20 of the largest utility companies in the US and to support them with the digitization of the most critical aspects of their business," said Assaf Harel, General Partner at IGP. "We believe that the company is at the right position and time to lead the digital revolution of critical infrastructure construction, globally, using a powerful cloud-based SaaS platform to manage this massive opportunity."
Farag said, "Electric utilities are facing significant challenges in modernizing their grids to support Distributed Energy Resources aimed at decentralizing electric supply to meet increasing demand and reduce carbon emissions. This entails massive construction projects - which require our DCM platform - and turns them into tremendous opportunities for electric utilities to collect highly accurate data and create a high fidelity digital twin. This is why we truly believe that time is ripe for us to apply our technology to leading electric companies and provide even greater value."
Published by Globes, Israel business news - en.globes.co.il - on April 28, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021