Security specialist Nuve raises capital

Dec 30, 2014
Austin Business Journal

Nuve Inc., a technology startup specializing in asset management and fraud prevention, reported raising $3.8 million of a planned $5.2 million financing

The Austin-based company collected the capital from eight investors, according to a Monday filing with the U.S. Securities and Exchange Commission

Nuve, founded in 2009, develops sensors and software designed to prevent fuel theft. The company, which employed 11 workers earlier this year, has been initially focused on fuel-theft applications in Mexico. In the U.S., it planned to target the prevention of cargo container theft, CEO Antonio Arocha has said

In May, Nuve reported raising $625,000 of a planned $1.1 million debt financing and also reported collecting a $1.1 million equity financing from five investors. At the time, 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 was expected be used to expand the company's "sales footprint" and move into the U.S. market during the third quarter

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

In late 2013, Silverton announced that it had raised a $75 million fourth fund to invest in early-stage technology companies. It also planned to subsequently add two more partners to its then three-person roster of investors

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