FleetUp Raises $5 Million in Series B Funding
MILPITAS, Calif., April 11, 2017 /PRNewswire/ -- FleetUp, the premier provider of ELD/HOS compliance solutions for Intelligent Fleet Management, today announced the completion of a $5 million Series B financing round. The round was led by HUMAX, the holding company of HUMAX Automotive, the leading in-vehicle infotainment and communications supplier for global automakers.
FleetUp's latest financing will be used to fuel the acceleration of product innovation, and drive expansion in customer acquisition, customer support, operations, and an aggressive go-to-market plan.
"With new investment from one of the world leaders in consumer electronics, FleetUp is well positioned to expand our team and rapidly expand our technologies, products, and services into new markets," said Sam Lee, CEO of FleetUp. "FleetUp's intelligent fleet management solutions are intuitive, secure and designed for the needs of fleet companies and their drivers. And because FleetUp is the first ELD registered and approved by the FMCSA, we are filling a critical gap in compliance for transportation organizations that need actionable reporting into operating costs, Hours of Service, and more."
FleetUp applies big data technologies to fleet management with a patented solution that enables companies to maximize profitability, imrove driver safety, and comply with current and upcoming regulations more effectively. The FleetUp solution is offered as a Software-as-a-Service (SaaS), with hardware, cellular, and infrastructure costs bundled into the offering and leveraging a cloud-based data store with easy-to-use applications for both Android and iOS devices.
"As an investor, HUMAX is excited and proud to work with the FleetUp team to address the extraordinary opportunities in actionable data in transportation and fleet management," said Kim Tae-Hun, CEO of HUMAX. "HUMAX is a leading provider of content delivery systems and video software and hardware solutions for companies across the globe. With FleetUp's unique, patented ability to leverage Big Data for fleet management, they are a natural fit with our efforts in content, automotive, hardware, and software."
A two-week free trial of FleetUp is available for organizations that want real-time, actionable insight into fleet and driver activity. To sign up, visit fleetup.com.
HUMAX is a leading provider of customer premises equipment including video software and hardware solutions and residential/commercial gateways, with delivery to over 80 countries across the globe. Founded in 1989 in Korea, the HUMAX regional headquarters is in the U.S. covering the Americas, and has subsidiaries in 18 countries throughout Europe, the Middle East, and Asia. For more information, visit humaxamericas.com.
Founded in 2013 and based in the heart of Silicon Valley, FleetUp offers a patented, FMCSA-compliant suite of integrated telematics and GPS applications. FleetUp provides service and distribution companies with unprecedented insight into their operations, empowering them with actionable data to optimize the efforts of vehicles and drivers, allowing for maximum revenue while reducing operating costs. For more information, please visit fleetup.com.
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