GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, announced today that it has raised $10 million in financing from Generation Investment Management, the investment firm co-founded in 2004 by Al Gore.
GreenRoad will use the proceeds of this financing to accelerate the deployment of its GreenRoad 360 service among existing and new customers.
GreenRoad 360, the Company’s proprietary technology-based service, provides drivers and fleet managers with real-time, comprehensive and preventative feedback, analysis, reporting and coaching on drivers’ abilities, maneuvers and patterns.
According to GreenRoad, driving behavior is the largest single contributor to driving safety and fuel efficiency and costs the United States and Europe over $500 billion dollars per year.
A typical GreenRoad customer sees up to a 50 percent reduction in crash costs and up to a 10 percent reduction in fuel consumption within the first year. As a result, GreenRoad delivers an innovative solution that saves lives, saves fleets money in top vehicle expense categories (fuel, crash, wear & tear, insurance) and provides a cost-effective way to reduce emissions.
“We are very excited to welcome Generation, whose investment philosophy and leadership in sustainability is a perfect fit with GreenRoad,” said Dan Steere, CEO of GreenRoad. “At GreenRoad, our job is to make our roads safer and greener and we look forward to working with Generation in leading the way to cleaner, safer and more cost-efficient transportation.”
GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the United States sand United Kingdom, and a research and development center in Or Yehuda, Israel, which has 90 employees. The company was founded in 2003 by Chief of Safety Hod Fleishman and CTO Ofer Raz.
GreenRoad has raised $48 million to date, including the present financing round, from Generation Investment Management and existing investors DAG Ventures, Benchmark Capital, Virgin Green Fund, Amadeus Capital and Balderton Capital.
Article appearing courtesy Cleantech Investing in Israel.