GreenRoad Technologies Inc., a provider of driver safety solutions with offices in London and Silicon Valley, has raised $14.5 million in VC funding. Virgin Green Fund and Benchmark Capital co-led the deal, and were joined by Balderton Capital.
GreenRoad Technologies Inc. (www.greenroadtech.com), an innovative world leader in driver safety technologies, today announced that it has secured an investment of $14.5 million led by Virgin Green Fund (www.virgingreenfund.com) and Benchmark Capital (www.benchmarkcapital.com) with participation from Balderton Capital. 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.
The High Cost of Aggressive Driver Behavior
GreenRoad improves driver safety and significantly reduces accidents by instantly identifying risky drivers and empowering them to change their behavior behind the wheel via real-time feedback and regular web reporting. GreenRoad's focus is on business fleets, and teenage or high-risk drivers via partnerships with insurance companies. Aggressive driving behavior is a leading contributor to accidents, leading to injuries and fatalities. 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 and be safer on the road.
GreenRoad SafetyCenter, their flagship solution, uniquely 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 CO