GreenRoad raises $10M from Al Gore's Generation Investment Management

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 US and Europe over $500 billion dollars per year. A typical GreenRoad customer sees up to a 50% reduction in crash costs and up to a 10% 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 U.S. and UK and an R&D 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.

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GreenRoad raises $15 million from DAG Ventures and existing investors

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GreenRoad raises $15m from DAG Ventures and existing investors

GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, announced today that it has raised $15 million in growth funding.

DAG Ventures, a venture capital investment partnership, led the round with participation from existing investors Benchmark Capital, Virgin Green Fund, Amadeus Capital and Balderton Capital.

GreenRoad also announced that Nick Pianim, managing director at DAG Ventures, was appointed to the company’s board of directors.

“We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,” said Dan Steere, CEO of GreenRoad. “This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.”

“We were encouraged by the company’s successive quarters of revenue growth, despite the current economic climate,” said Pianim. “GreenRoad’s ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad Service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs and impact their bottom line immediately.”

“GreenRoad has a track record of delivering results and we are excited to continue investing in a company that is successfully responding to the global challenge of unsafe and inefficient driving,” said Elie Wurtman, general partner at Benchmark Capital and Chairman of GreenRoad’s Board of Directors.

GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the U.S. and UK and an R&D Center in Or Yehuda, Israel. The company was founded in 2003 by Hod Fleishman and Ofer Raz.

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GreenRoad awarded contract for the world's largest teen driver technology-based safety program

GreenRoad Technologies, a leader in driver safety technologies, announced last week that Or Yarok, Israel’s largest road safety organization, is making GreenRoad’s Safety Center available to 5000 families with teen drivers. This follows Or Yarok’s two-year study of 400 drivers’ use of Safety Center to determine its long-term impact on safety.

By analyzing each young driver’s performance and continuously providing them with real-time coaching, GreenRoad Safety Center improves driver safety and fuel efficiency.

GreenRoad is backed by Benchmark Capital, Virgin Green Fund, Amadeus Capital Partners and Balderton Capital. Headquartered in California, the company's R&D office is located in Beit Dagan, Israel.

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UK bus company to deploy GreenRoad Safety Center

GreenRoad Technologies, a world leader in driver safety technologies, and whose R&D center is located in Or Yehuda, Israel, recently announced that Metroline is the first UK bus company to deploy GreenRoad Safety Center in its fleet. The technology is installed in more than 100 buses based at its Perivale garage in West London.

GreenRoad Safety Center rates driving skills without invading the driver’s privacy. An in-vehicle sensor collects information on up to 120 different driving maneuvers. These are constantly analyzed to give the driver feedback about their driving and the areas that need improvement. Individual drivers receive instant feedback from a small display on the dashboard. The driver and the fleet manager have access to more detailed analysis of driving skills and recommendations for improvement through a password-protected web site.

The technology should help ensure a safer, smoother and more comfortable ride for Metroline's passengers, as well as lowering fuel consumption and carbon emissions. According to GreenRoad, its clients have reduced accidents by an average of 54%, lowered accident repair costs by an average of 49% and decreased fuel costs by an average of 7%.

GreenRoad is backed by Benchmark Capital, Virgin Green Fund, Amadeus Capital Partners and Balderton Capital.

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GreenRoad raises $17.5 million in Series C funding

GreenRoad raises $17.5 million in Series C funding

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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Traffilog develops solution to improve fuel efficiency

Traffilog develops solution to improve fuel efficiency

Traffilog, an Israeli start-up based in Rosh Ha'ayin, is developing a web-based solution to better administer fleets of cars and trucks. The company was recently profiled in articles in the Jerusalem Post and Ha'aretz.

Traffilog's system features GPS and various sensors that interact with the vehicle's systems and monitor driving characteristics such as acceleration, braking, turns, engine revolutions per minute and oil pressure. The information is then reported back to a central server, and a fleet manager can determine whether vehicles are being driven safely and efficiently .

The company's "black boxes" were installed in 500 cars used by the Israel Defense Forces over the last 18 months. In response, drivers moderated their driving style and the result was an average saving of 14% in fuel consumption (280,000 liters of gas). Traffilog's system will now be installed in thousands more IDF vehicles in the coming months.

GreenRoad Technologies, another Israeli company developing a system to reduce accidents and improve fuel efficiency, raised $14.5 million from Benchmark Capital and Virgin Green Fund back in January 2008.