KPMG Australia eyes up fleet management market with Nuonic investment
Professional services giant KPMG has identified the potential of Australia’s fleet management technology market, investing in analytics and automation startup Nuonic.
Nuonic, which has development teams in Brisbane and northern New South Wales, offers fleet management solutions through its main product Prism.
It processes and analyses big data from IoT devices on vehicles, helping businesses generate insights and essential operational data over the performance of their fleets. Since launching in January 2017, Prism has processed over 500mn data points for major clients in the resources, transport and utilities sectors.
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KPMG will now offer its Australian clients access to Prism with an initial focus on automating the process of calculating and processing fuel tax credits.
In Australia there are more than 3.7mn commercial vehicles and over 50,000 businesses claim such tax refunds each year. KPMG clearly sees this market as a significant opportunity for investment and development.
KPMG Australia CEO Gary Wingrove commented: “The big picture excites us. Our investment and alliance with Nuonic provides us with access to world-class new technology which enables us to build out our fuel tax credits business, as well as extend into future applications such as business intelligence for road usage, cities and infrastructure. We see a lot of potential in Nuonic.”
The total raised by Nuonic now stands at $1.3mn, with shareholder KPMG joining fintech company InLoop, backed by Macquarie Capital and Westpac.
Nuonic CEO Sebastian Jezierski added: “We are hugely excited about the global opportunities for analytics technology. Just last month Ford announced its intention to develop a Transportation Mobility Cloud – an open communications platform to manage everything from parking spaces to traffic lights.
“This demonstrates the increasing global need for tech-agnostic analytics platforms to manage massive amounts of data, which is why scalable solutions like Prism will play an essential role in helping businesses to navigate the future.”