Israeli startup Locusview, a Digital Construction Management (DCM) platform for energy, telecom, and water industries managing infrastructure projects, has raised $64 million in a Series A funding round, the company announced last week.
The investment was led by Israel Growth Partners (IGP), a $600 million growth investment fund focused on Israeli-based growth stage tech companies, in addition to existing investors.
The round brings the company’s total funding raised to $80 million.
Founded in 2014, Locusview has developed a solution that focuses on 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.
The company is headquartered in Tel Aviv and Chicago, with 120 employees across five global offices, and plans to double its staff by year-end.
Locusview said it will use the investment to support its global reach, expansion into electric utilities, additional product development, and M&A opportunities.
“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, ” said Shahar Levi, Locusview co-founder and CEO. “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.”
“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.”
Alicia Farag, president of Locusview’s US subsidiary, 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.”