LONG BEACH, Calif.--(BUSINESS WIRE)--Momentum IoT, the leader in cloud-managed telematics for mixed fleets, today announced that it has raised $3.1 million in funding from strategic investors. Coupled with the funding, the Company announced a key hire and general availability of its cloud-managed telematic tracking solutions.
The funding enables Momentum IoT to accelerate its launch of 4th Generation Cloud Managed IoT solutions. Momentum IoT devices deploy without field-application engineering. No custom development, no version control issues, and no deployment delays. Just plug-and-play.
Justin Silva, Momentum IoT’s CEO, previously managed Technology at a large field services firm. “We tested several IoT vendors,” he said. “Unfortunately, the entire industry seems to have gotten stuck in hardware customization and complexity. That complexity has gotten in the way of customers, and of the sale.
“The winning formula in previous technology markets has been toward simplicity and cloud management,” Silva added. “So we decided to build a new kind of telematics provider, from the gravel up, to deliver what we wanted for ourselves.”
Momentum IoT breaks the mold with lower device complexity, extended coverage, higher security, and low power consumption, and combines that with a direct-to-market sales approach. This means lower cost, and higher value for small and mid-sized fleet managers.
The recent funding was led by Howard Edmund Capital, a private investment fund. Additional investors include Thompson Aerospace, an aircraft tracking and data solutions provider whose systems manage position tracking, virtual flight data recorder, real-time credit card processing and passenger data.
Concurrent with the funding, Momentum IoT also announced that it has hired Dev Bhatia as its Chief Marketing Officer. Bhatia most recently ran Product for the LoJack division of CalAmp, the $365mm+ pure-play pioneer in Industrial IoT (NASDAQ: CAMP). Previously, he was Chief Marketing Officer at Spireon, a $200mm+ Business Intelligence Platform for Vehicle Telematics.
Momentum IoT announced general availability of its tracking solution for mixed and integrated fleets. The Company offers tracking solutions for mixed fleets including trucks, trailers, heavy or light equipment, with plug-and-play operability in vehicles ranging from Ford and GM trucks to heavy equipment and ATVs, and including power generators and pumps.
About Momentum IoT
Momentum IoT helps small and mid-sized fleet managers locate and manage their trucks, trailers, heavy and light equipment with kickass 4th-generation GPS and telematics tracking solutions. Based in Long Beach, CA, Momentum IoT was recently named a "Mobile IoT Innovator" by the GSMA. To learn more about Momentum IoT, visit www.momentumiot.com.
About Thompson Aerospace
Thompson Aerospace is a leader in airborne IT technology with 1NetTM Secure Data Systems, Secure Aircraft Tracking, Secure Cloud/Data Center and Argus-T Secure Hardware based communication system. Thompson Aerospace is based in Irvine, California.