Humax, the holding company for in-vehicle technology supplier Humax Automotive, has led a $20m funding round for US-based fleet management technology provider FleetUp.
Founded in 2013, FleetUp provides telematics and global positioning technology to help trucking firms monitor their fleets to comply with the electronic logging device (ELD) regulations currently being phased into US law.
Albert Son, chief strategy officer of Humax and president of the firm’s Americas and China division, has been appointed FleetUp’s chief executive in connection with the company’s investment.
Son will look to provide FleetUp with strategic and business development expertise as the company gears up for a North American expansion to tie in with the recently-proposed introduction of Canadian ELD regulations in 2020.
Humax’s involvement is expected to help open up additional international opportunities and technology partnerships. The corporate had previously led FleetUp’s $5m series B round in April 2017.
Kim Tae-Hun, Humax’s chief executive, said: “Humax believes in FleetUp’s potential to scale globally – so much so that we decided to place our top executive as the new CEO, and invest $20m in the company’s fleet technology solutions.
“With his vast experience in achieving global market excellence, we are confident in Albert’s leadership, and our growing partnership with FleetUp to successfully provide reliable compliance and management solutions to fleet managers worldwide.”