ELD Supplier FleetUp Raises $20M, Appoints CEO
FleetUp has raised $20 million in funding led by HUMAX, which has appointed as chief executive officer its corporate chief strategy officer and president of HUMAX Americas & China, Albert Son, the company announced.
Son has served as a leading executive at HUMAX for the last two decades, pioneering corporate strategic alliance and global expansion throughout Europe, Asia, and fueling $700M in revenue from the Americas market. In his new role at FleetUp, Son will bring his strategy formulation expertise and business development experience to bear in leading the intelligent fleet management solution for the company's Americas and international markets.
"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 $20 million in the company's fleet technology solutions," said Kim Tae-Hun, CEO of HUMAX. "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."
FleetUp's North American expansion initiative launches in advance of the 2020 Canadian ELD Mandate, as announced by Canadian Transport Minister Marc Garneau on December 18, 2017. Further international business opportunities and technology partnerships are currently being excavated, and will benefit from the influence and global footprint of HUMAX.
"We are thrilled to welcome Albert and believe his expertise will be instrumental as we expand our operations beyond U.S. borders," said Ezra Kwak, co-founder and CTO of FleetUp. "As FleetUp deepens its relationship with HUMAX, and as the adaption and adoption of fleet management solutions increase, FleetUp will be in the perfect position to address the growing needs of North American inter-, intra-, and metro fleets, as well as a growing list of vertical markets around the world."
FleetUp offers a patented, FMCSA-compliant suite of GPS and ELD/Compliance applications for the transportation industry, offering fleets and companies of all sizes unprecedented insight into their operations, and empowering them with actionable data to optimize the efforts of vehicles and drivers.