GreenRoad Technologies, a leader in driver safety technologies, today announced that Amadeus Capital Partners, a European technology investor, has joined Virgin Green Fund, Benchmark Capital, and Balderton Capital in providing C round financing of $17.5 million. The funding will be used to expand the company’s R&D, sales and marketing efforts. Richard Anton, Amadeus Partner, becomes the newest member of GreenRoad’s Board of Directors.
GreenRoad is headquartered in Silicon Valley and London, but its R&D center is in Or Yehuda, Israel. The company was founded by CTO Ofer Raz and Senior VP Hod Fleishman.
GreenRoad Safety Center, the company’s flagship product, addresses two important issues that are a major contributor to the overall cost of doing business these days - vehicle crashes and fuel economy. Aggressive driving behavior contributes to 95% of road accidents and leads to injuries and fatalities. Unsafe drivers also waste fuel and increase carbon emissions, as aggressively-driven vehicles burn 10-15% more fuel.
For more information about GreenRoad's technology and services, check out the company's web site.
The company is partnering with commercial fleets, insurance companies, and local governments in the US, EU and Israel, where the combined estimated market potential exceeds 77 million vehicles. Customers already include Amdocs, T-Mobile, and the UK Ministry of Defence.
Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006. Virgin Green Fund joined in January 2008.
Advising Amadeus on the funding was Israeli law firm Meitar Liquornik Geva & Leshem Brandwein. GreenRoad was advised by Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
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