The founders of Moxie, which specializes in cutting-edge Internet of Things (IoT) solutions for industrial companies, say the Birmingham startup is preparing for growth after securing funding in an Alabama Launchpad competition.
Moxie earned a $100,000 seed-stage award in Launchpad’s recent 2020 Cycle 2 contest, sponsored by the Economic Development Partnership of Alabama (EDPA).
The firm provides fully operating IoT systems that collect and analyze data about an industrial company’s equipment and other assets in an easy-to-use app dashboard.
Co-founder and CEO Ross Wesson said Moxie will use the Launchpad funding to recruit talent to fill roles critical to the startup’s growth plans.
“A hundred years ago, Birmingham earned the nickname of being the ‘Magic City’ because of our dominance in the industrial sector. Let’s do it again,” Wesson said.
Austin Gurley, co-founder and chief technology officer, said the startup is ready to begin expanding its workforce.
“With all the negative job market news out there today, it’s awesome to announce that Moxie is hiring. If you are smart, curious and consider yourself a ‘doer,’ want a fun and fast-paced work environment, and the platform to make a real impact in your field – let’s talk,” Gurley said. “We are hiring today for five new positions on the team. And that’s just the beginning of the new Alabama jobs we are working to create.”
Another Birmingham company, Field Culture Compost, won the $50,000 concept stage award in the Launchpad competition.
The startup founded by Matt Nesbitt and Alex Thompson is poised to become Alabama’s first commercial compost producer, thus reducing waste going into landfills.
“These are two startups with high-growth potential who also offer innovative solutions in their respective sectors,” said EDPA innovation consultant Dennis Leonard. “During this challenging economic period, it’s now more important than ever to support dynamic startups who can grow and create jobs in Alabama.”
Now in its 14th year of providing funding for startups, Alabama Launchpad has awarded $5.7 million to 94 businesses generating more than 700 jobs, with a combined post-money valuation of more than $325 million.
Secretary of the Alabama Department of Commerce Greg Canfield said the Launchpad competition has played an important role in the development of the state’s innovation economy by providing critical support to promising companies.
“Alabama’s future economic trajectory will be heavily influenced by energetic enterprises that spring up from our startup ecosystem,” Canfield said. “It’s encouraging to see the development of innovative startups like Field Culture Compost and Moxie in our state.”
Moxie’s Wesson said the Launchpad funding validates the hard work put into the firm and positions it for more rapid growth.
“I am thankful, humbled and proud that Moxie brought home this milestone win,” Wesson said. “Thankful for our customers, the EDPA team, judges and our mentors. Humbled by Moxie being made a steward of this capital and determined to generate a phenomenal return on this investment in the form of new Alabama jobs and creating a better world through technology. And proud to work beside my rock star co-founders, who are the real reason for Moxie’s success thus far and who inspire me daily with their insane work ethic, world-class talent and unswerving moral compass – all while having more fun than any crew I’ve seen.”
This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website.