NewSpring has led a $26.5 million growth financing round for Marietta, Ga.-based Trio Mobil, which develops workplace safety and efficiency solutions using AI and Internet of Things devices.
The Radnor, Pa.-based investing firm, which runs a family of private equity funds, made the investment through NewSpring Growth, which focuses on providing working capital to fast-growing technology companies. Other participants included two prior investors — Luxembourg-headquartered 212 and TIBAS Ventures, the investing arm of Isbank, Turkey’s largest private bank.
Over 2,000 Customers
“Trio Mobil’s groundbreaking AI and IoT technologies provide a comprehensive safety network that ensures unmatched protection across various industries,” said Hart Callahan, NewSpring’s New York-based partner who oversaw the investment. “This unique approach aligns perfectly with NewSpring Growth’s commitment to supporting visionary founders and entrepreneurs.”
Trio Mobil, led by co-founder and former Ford executive Nevzat Atakli, offers a suite of solutions that enhance the safety and efficiency of logistics in warehouses, as well as on highways. It has over 2,000 customers, including Coca-Cola, Unilever, St. Gobain, PepsiCo, Mercedes-Benz, Ford and Beko, that use more than 500,000 connected devices.
“This funding marks a pivotal moment for Trio Mobil. It highlights the transformative potential of our AI and IoT solutions in enhancing workplace safety and operational efficiency,” said Atakli, a software and diagnostics engineer.
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NewSpring Turns 25
Founded in 1999 by Michael DiPiano and Marc Lederman, NewSpring has invested in over 200 companies. Today, it manages about $3.5 billion across five distinct strategies, ranging from growth equity and control buyouts to mezzanine debt. DiPiano serves as the firm’s managing general partner, while Lederman is a general partner.
NewSpring has been on a fund-raising spree this year, its 25th in business, raising nearly a billion dollars. Its most recent fund, NewSpring Mezzanine Capital V, closed earlier this month, after receiving commitments of $390 million. Operating as a U.S. Small Business Administration SBIC (Small Business Investment Company) NSM V supports lower-middle market businesses. The new fund has already deployed $273 million into 19 companies.
Earlier this year, it closed NewSpring Growth Capital VI, worth $400 million, and a healthcare fund, NewSpring Health Capital IV, after raising over $180 million.
