February 04, 2008
GreenRoad Technologies Attracts 'Green Fund' Investment
REDWOOD SHORES, Calif. --- GreenRoad Technologies Inc., which specializes in improving driver safety, has secured an investment of $14.5 million led by Virgin Green Fund and Benchmark Capital with participation from Balderton Capital. The Virgin Green Fund invests in companies that provide energy from alternative sources and improve the management of scarce and depleting resources.
The funds will expand and support GreenRoad’s global operations and serve its fleet and insurance customers as they enhance driver safety and reduce fuel consumption.
GreenRoad improves driver safety and reduces accidents by identifying risky drivers and helping them to change their behavior behind the wheel via real-time feedback and regular Web reporting. Unsafe drivers also waste fuel and increase carbon emissions since vehicles burn significantly more fuel when driven aggressively. GreenRoad's services are designed to educate drivers on which of their driving actions are unsafe so they can learn to moderate their behavior, be safer on the road and save fuel.
GreenRoad’s focus is on business fleets, as well as teenage or high-risk drivers via partnerships with insurance companies. Aggressive driving behavior is a leading contributor to accidents.
GreenRoad SafetyCenter, the company's flagship solution, combines instant identification of risky drivers, in-vehicle feedback, and automated Web safety profiles with customized risk consulting to quickly tell drivers how safely they are driving and which specific areas need improvement. GreenRoad clients have reduced accidents by an average of 54 percent, lowered accident costs by an average of 65 percent, and reduced fuel consumption and CO² emissions by an average of 7 percent --- without invading driver privacy.
"GreenRoad Technologies has created an innovative and market-leading product that can help to create a cleaner and safer environment," said Richard Branson, founding investor in Virgin Green Fund. "By deploying GreenRoad through their fleets, companies can play an important role in reducing fuel consumption, lowering harmful emissions and fostering safe driving habits. This in turn benefits a company's bottom line, while also benefiting the community in which it operates."
Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006 and continue their commitment with this funding round.
"As our rapid growth continues with customers such as AAA and T-Mobile, GreenRoad sees tremendous potential to serve the fleet and insurance markets with a driver safety solution that can significantly reduce both accident rates and fuel costs," said Dan Steere, CEO of GreenRoad. "We are delighted that our investors recognize GreenRoad’s potential."