- Maven Machines — the only provider of fleet management software for commercial transportation that combines telematics with workflow, dispatch, and route optimization capabilities — announced it raised $7 million
Maven Machines — the only provider of fleet management software for commercial transportation that combines telematics with workflow, dispatch, and route optimization capabilities — announced it raised $7 million in Series A funding led by Allos Ventures with additional participation from Hearst Ventures, Riverfront Ventures, Great Oaks Venture Capital, and existing private investors.
“Allos Ventures adds important strengths to our strategic team with its deep experience supporting rapid growth technology companies,” said Maven Machines CEO Avishai Geller. “Hearst is also an ideal partner to support Maven Machines’ exponential growth. It offers a worldwide presence, New York headquarters, and extensive knowledge of the logistics and transportation industries. Support from our investors is vital in achieving our mission to revolutionize the way fleets run their businesses.”
This round of funding will be used for increasing Maven’s workforce across all departments including engineering, operations, sales, and marketing. And the company anticipates tripling in size before the end of the year.
Plus the funding will be used for fueling the rapid development of its proprietary technology platform. Allos managing director John McIlwraith and Hearst Ventures managing director David Famolari are joining the Maven Machines’ board of directors.
“Maven Machines has built an excellent foundation as an industry leader developing the next generation of cloud-based fleet management systems,” added McIlwraith. “The software suite which Avi and the team have developed is truly impressive. The company is a great example of a founder-led, capital-efficient B2B SaaS business that we like to invest in.”
Fleet management, dispatch, and ELD software are essential to the management of fleet operations. And Maven Machines combines the power of all 3 in its cloud-based IoT platform, increasing efficiency and helping fleets maintain compliance — which is an essential factor in today’s regulatory landscape. Industry fleets like Ward Trucking, Daylight Transport, and CRST consider Maven Machines essential for everyday operations.
“Commercial transportation is a highly competitive, dynamic industry that is vital to the American economy,” explained Famolari. “We look forward to Maven Machines becoming a transformative company that will give medium to large transportation fleets an even more robust suite of cutting-edge software tools to optimize operations.”