New Capital Brings 2020 Fundraising Total to $47M
Spatial Networks, the creator of Fulcrum, a leading data collection, workflow automation and analytics platform for field operations, today announced that the company has closed additional funding from CIBC Innovation Banking. The funding closely follows the Company Series A round, led by Kayne Anderson Capital Advisors, L.P. and Kennet Partners Ltd. that was announced in January 2020. The new funding brings the total amount raised in 2020 to $47M.
The funding will primarily be used to scale the company’s sales and marketing capabilities, accelerate its product development roadmap, and further expand the Fulcrum platform into international markets.
“The funding from CIBC Innovation Banking serves as another proof point for the strong demand for low-code applications that streamline data collection and deliver AI-based workflow automation for mobile workforces,” said Jim Grady, CEO, Spatial Networks. “With nearly $50M raised in three months, Spatial Networks is uniquely positioned to lead the market in 2020 and beyond.”
“We are proud to be working with an innovative company that is transforming the way field workers gather information,” said Mark McQueen, President and Executive Managing Director, CIBC Innovation Banking. “By providing a software solution with geotagging capabilities, Spatial Networks enables organizations to address data management challenges, improve decision making and streamline workflows.”
Spatial Networks drives digital transformation of field workforces via Fulcrum, an AI-powered SaaS-based data-collection platform for commercial field workers. The market- leading platform is built on multiple decades of expertise in mobile field data collection and geospatial analytics. It has been adopted by more than 30,000 users and 2,100 customers in field-intensive industries such as utilities, construction, environmental services and engineering.
Fulcrum optimizes field operations by enabling rapid deployment of mobile applications using a low-code development environment. Using the platform, field workers can rapidly gather a vast range of data types — including audio and video — using user-built forms with geotagging capabilities. Key decision-makers gain real time insights into field operations efficiency and performance through visualization, quality assurance and data management tools, along with flexible reporting.
Headquartered in St. Petersburg, Florida, Spatial Networks, Inc. develops and provides AI-powered geospatial data intelligence solutions that transform field force operations. Since its inception, the Company has offered products and services to collect, analyze, and manage ground collected geospatial data. The Fulcrum software platform allows customizable, fast, and flexible data collection, reporting, and analysis for fieldworkers and managers to enhance their customers’ experiences, increase efficiency, and maximize performance.
For more information, please visit: spatialnetworks.com
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
For more information, please visit: CIBC Innovation Banking
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