GreenRoad Adds $3 Million

GreenRoad Technologies Inc., a provider of driver safety solutions with offices in London and Silicon Valley, has expanded its Series C round from $14.5 million to $17.5 million. Amadeus Capital Partners provided the new tranche, while prior investors included Virgin Green Fund, Benchmark Capital and Balderton Capital.

PRESS RELEASE

GreenRoad Technologies, a world leader in driver safety technologies, today announced that Amadeus Capital Partners, the 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.

The GreenRoad to Driver Safety

GreenRoad Safety Center, the Company's flagship product, addresses two cost issues facing businesses today: vehicle crashes and fuel economy. Aggressive driving behaviour 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.

GreenRoad improves driver safety and significantly reduces crash rates and fuel consumption by instantly identifying risky drivers and enabling them to change their behaviour behind the wheel.  An in-vehicle sensor collects information on over 120 different driving manoeuvres. This service combines in-vehicle technology with web-based applications that continuously rate driving skills and behaviour, train drivers by providing feedback while they drive, and sustain behaviour improvements through continuous reinforcement. As a result, GreenRoad clients have experienced an average reduction in crashes of 54%, lower accident costs, reduced carbon emissions and significantly better fuel economy. 

GreenRoad has developed services targeting commercial fleet operators and high risk consumers such as teen drivers.  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.  Led by a seasoned management team with decades of experience across the fleet, automotive, mobile and consumer technology industries, GreenRoad has generated an impressive number of installations less than a year after commercial product launch in the US and UK. Customers include T-Mobile, Staffordshire County Council, and the UK Ministry of Defence.

Richard Anton, Amadeus Partner, said “GreenRoad's know-how and execution are outstanding. The team has deep experience in the design and implementation of accurate and reliable systems that measure and manage real driver behaviour and risk – not just speed and location. The team also has decades of experience in selling to large corporate fleets and insurance companies.  In both the commercial and consumer markets, the potential for GreenRoad products and services is enormous.”

“We are delighted that Amadeus recognises and supports our dedication to driver safety and fuel economy.  As our company continues its rapid growth we are committed to expanding our efforts to fulfill our potential with every client we serve,” said Dan Steere, CEO of GreenRoad Technologies.

Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006. Virgin Green Fund joined in January 2008.

Advisers to Amadeus on the funding were Meitar Liquornik Geva & Leshem Brandwein. GreenRoad was advised by Gross, Kleinhendler, Hodak, Berkman & Co.

END

For further information please contact:

Richard Anton or Pat Burtis, Amadeus, 020 7024 6900

Chantal Ligertwood, PR for Amadeus, 07976 229 210

Rachel Postlethwaite, Breakaway Communications for GreenRoad, +44 7949 883636
rp@breakawaycom.com

NOTES TO EDITORS

About GreenRoad

GreenRoad develops driver safety technologies that stop risky driving before an accident occurs, and dramatically reduce crash rates for fleets and insurance companies.  Its solutions are designed to empower drivers to manage their own safety by giving instantaneous, in-vehicle driver feedback