Logistics company BMG raises $6M from DFJ Element
BMG Seltec, at Livermore company that provides a myriad of logistics services, including GPS vehicle tracking, plant control systems, point-of-sale systems, and related professional and plant services, said it has raised $6 million.
This company is quite mature. It has already delivered its product for operation at 1500 production sites, it says.
DFJ Element, a Menlo Park based firm that invests in clean technology, led the round.
From its announcement:
“The investment will fundamentally strengthen our balance sheet and provide the growth capital necessary to significantly accelerate major advances to our product offering, broaden our market reach, and expand our service organization” said Scott Johnson, President of BMG Seltec.
“We see in BMG Seltec the essential elements of a potentially very successful company • a very large addressable underserved market, a well focused business strategy, existing products and services of proven market acceptance, fragmented competition, marquee reference accounts, strong revenue and earnings traction, and good management” said John Rockwell, Managing Partner of DFJ Element.
Next Story: Mayfield hires Navin Chaddha, announces profitable “exits”
Previous Story: Mobile payment Co. Obopay raises $7 million from Qualcomm
