Austin tech fraud fighter Nuve corrals more investors

Jun 2, 2014
Austin Business Journal

Nuve Inc., a technology startup specializing in asset management and fraud prevention, reported raising $625,000 of a planned $1.1 million debt financing and also said it brought in a $1.1 million equity financing

The Austin-based company collected the capital from five investors, according to two filings Friday with the U.S. Securities and Exchange Commission

CEO Antonio Arocha said the Series A equity financing was started last year, and that the debt financing is a bridge loan to a Series B round of funding. The capital will be used to expand the company's "sales footprint" and move into the U.S. market during the third quarter, he said

Nuve, founded in 2009, develops sensors and software designed to prevent fuel theft. The company has been initially focused on fuel-theft applications in Mexico. In the U.S., it plans to target the prevention of cargo container theft, Arocha said

Investors include the Capital Factory, Austin-based venture capital firm Silverton Partners and angel investors. Silverton Partner Kip McClanahan is listed as a Nuve director on the SEC filings

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