An Indianapolis-based venture capital investment firm has led a $7 million Series A round of funding for a Pittsburgh tech company. Allos Ventures says the cloud-based fleet management software platform developed by Maven Machines represents the type of business in which the firm likes to invest.
The funding round also included participation from New York-based Hearst Ventures and Great Oaks Venture Capital, as well as Riverfront Ventures in Pittsburgh and existing private investors.
Maven Machines Chief Executive Officer Avi Geller says the involvement of Allos Ventures “adds important strengths to our strategic team with its deep experience supporting rapid growth technology companies.”
The company says it will use the funding to expand its workforce, with plans to triple in size by the end of the year.
The announcement comes less than two weeks after Allos Ventures closed on its $52 million third fund. The firm has already invested in a number of startup companies from the Allos III fund, many of which are located in central Indiana.