Maven Machines, a provider of fleet management software for commercial transportation, has raised $7 million in Series A funding, led by Allos Ventures, with additional participation from Hearst Ventures, Pittsburgh-based Riverfront Ventures, which is an affiliate of Innovation Works, Great Oaks Venture Capital and existing private investors. The Pittsburgh startup plans to use the funds to expand product development and accelerate growth.
“Allos Ventures adds important strengths to our strategic team with its deep experience supporting rapid growth technology companies,” Maven CEO Avi Geller said, in a statement. “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.”
The financing will be used to increase Maven’s workforce across all departments including engineering, operations, sales and marketing. The company anticipates tripling in size before the end of 2020. Additionally, funds will fuel rapid development of its proprietary technology platform.
Allos Ventures Managing Director John McIlwraith and Hearst Ventures Managing Director David Famolari will join Maven’s board.
