St. Pete tech firm Spatial Networks raises more funding

Spatial Networks Inc., a St. Petersburg company that uses geography to solve business problems, has closed on additional funding from CIBC Innovation Banking.

The latest funding follows the company’s $42.5 million Series A round led by Kayne Anderson Capital Advisors  and Kennet Partners Ltd. that was announced in January 2020. The new funding brings the total amount raised in 2020 to $47 million, a news release said.

The funding will primarily be used to scale the company’s sales and marketing capabilities, accelerate its product development roadmap, and further expand the company’s platform into international markets, according to the release.

Spatial Networks has developed Fulcrum, a data collection, workflow automation and analytics platform for field operations. Field workers can rapidly gather a lot of data, including audio and video, through user-built forms with geotagging capabilities. That lets key decision-makers get real-time insights into field operations efficiency and performance. The platform 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.

“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 [artificial intelligence]-based workflow automation for mobile workforces,” Jim Grady, Spatial Networks’ CEO, said in the news release.

Spatial Networks is using innovation to transform the way field workers gather information, Mark McQueen, president and executive managing director of CIBC Innovation Banking, said in the release. 

CIBC Innovation Banking, a subsidiary of Canadian Imperial Bank of Commerce (NYSE: CM), provides strategic advice, cash management and funding to North American innovation companies.