Tocaro Blue, a manufacturer of tracking, monitoring and navigation systems for boats, has acquired Moxie IoT of Birmingham, Ala., for an undisclosed amount. The transaction is intended to accelerate development of navigation assistance systems and autonomous boating technology for Tocaro Blue. Moxie IoT has been Tocaro Blue’s lead engineering firm since 2019 and will be integrated into the parent company.
The former Moxie IoT team will lead research and development for Tocaro Blue’s suite of marine technologies including Proteus, a hardware device that combines sensor information from a vessel’s radar, depth sounder and data sets with advanced machine learning modules. Tocaro Blue says Proteus helps boaters avoid collisions by clarifying previously unknown objects and conditions.
“We are thrilled to welcome the team from Moxie IoT to Tocaro Blue,” John Minor, Tocaro Blue CEO, said in a statement. “We have an enormous amount of momentum and a huge opportunity to deliver great customer experiences with innovative products to the marine industry. Bringing the Moxie team and their technical expertise aboard is a critical milestone as we grow the Tocaro team. We’re excited to share the news of the acquisition with the public after nearly a year of planning and due diligence.”
Moxie IoT was founded in 2019 and started developing industrial tracking systems. The team then expanded to offer engineering services to companies in marine, fitness, healthcare and defense industries. Moxie CEO Dr. Austin Gurley will be chief of research and development and a board member at Tocaro Blue. He has been named on six utility patents and has contributed to many published research papers.
