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Cadec Global Inc. has received an additional $4 million from Icelandic venture capital investor Thule Investments, the Manchester, N.H., maker of trucking fleet management software reports.
Cadec’s software is designed to automate GPS tracking of truck fleets, eliminating paper log procedures and allowing companies to manage fuel-saving and safety programs.
A press release issued yesterday by Cadec Global quoted Thule Investments CEO Gisli Hjálmtysson, citing Cadec’s recent customer win with Publix Super Markets Inc. The company recently hired a new chief financial officer, Tom Bassett, formerly CFO at Laurier Inc., a semiconductor company also located in Manchester. Cadec also recently received a patent for a truck-specific anti-rollover technology and is applying for a patent related to a remote-engine shutdown technology, the press release stated.
Reykjavik-based Thule invests in post-seed stage companies in Iceland, Europe and the East Coast of the U.S., according to its website.
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