Data analytics and IoT startup Nuonic has received a strategic investment from KPMG Australia, bringing its total capital raise to $1.3 million to date.
In entering a strategic partnership with Nuonic, KPMG joins a roster of shareholders that includes the startup’s founders Sebastian Jezierski (CEO) and Derek Hooper (COO) as well as Sydney-based fintech company InLoop, which is backed by Macquarie Capital and Westpac.
Nuonic’s primary product is Prism, a cloud-based platform that processes and analyses big data from IoT devices on vehicles, helping organisations manage their commercial fleets. Since launching in January 2017, Prism, which combines advanced data analytics and automation, has processed over 500 million data points for major clients in the resources, transport and utilities sectors.
According to Jezierski, Nuonic’s relationship with KPMG is a “watershed” moment in the startup’s growth trajectory.
“The demand for Prism has demonstrated the massive market for this tech, with customers using it to make transformational changes to fleet management,” he said.
“Our growth to date and future potential is underscored by KPMG’s investment. Beyond KPMG’s financial commitment, our strategic alliance will help us fully explore the possibilities of this breakthrough analytics technology, develop new tools and expand our customer base.”
KPMG will exclusively offer its clients access to Prism, with an initial focus on automating the calculation and processing of Fuel Tax Credits (FTC), in order to provide sophisticated commercial insights for vehicle fleet operators. The professional services company noted that the market for Prism was ‘significant’ on a global level and in Australia, where there are more than 3.7 million commercial vehicles and over 50,000 companies claim FTC refunds each year.
KPMG Australia CEO Gary Wingrove said his company, in partnering with Nuonic, was excited by the “big picture”. He explained, “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.”
Jezierski said the investment will be used by Nuonic to expand its development teams in Northern NSW, where it is based, and Brisbane as well as accelerate new product development.
“We are hugely excited about the global opportunities for analytics technology,” he said. “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.”