Tank Utility, a Boston, MA-based provider of IoT tank monitoring and logistics optimization services, raised $6m in financing.
The round was led by Bullpen Capital, with participation from existing investors Energy Foundry, Blue Fog Capital, and Generac and new investors Serra Ventures and Array Ventures.
The company intends to use the funds to expand its business reach and hire across the organization, with open positions in product development, sales, marketing, customer success and operations at their Boston headquarters in Downtown Crossing.
Led by Amos Epstein, CEO, Tank Utility provides remote monitoring devices and logistics intelligence software that gives fuel providers an accurate real-time view into the tank level for their customers. With this level of insight, fuel providers can eliminate up to 50% of logistics costs and improve customer sentiment by delivering just-in-time.
Tank Utility currently monitors the tanks of more than 750 fuel providers across all 50 U.S. states and has delivered millions of dollars in logistics savings.