Long Beach-based mixed fleet management software developer Momentum IoT announced Sept. 10 it raised $3.1 million.
Led by private investment group Howard Edmund Capital, the round included participation from Irvine-based aircraft-tracking firm Thompson Aerospace Inc. Momentum IoT said in a statement the funding will allow it to launch the fourth generation of its cloud management and shipment tracking platform, which allows fleet managers to locate and manage their trucks and equipment.
In addition to the funding, Momentum announced Dev Bhatia will be its new chief marketing officer. Bhatia previously ran the product division of LoJack for CalAmp Corp. and acted as chief marketing officer for Spireon Inc., an Irvine cloud-based GPS tracking firm similar to Momentum IoT.
“Unfortunately, the entire industry seems to have gotten stuck in hardware customization and complexity,” said Justin Silva, Momentum IoT chief executive, adding that “the winning formula in previous technology markets has been toward simplicity and cloud management,” which Momentum aims to provide.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.