February 07, 2008
GreenRoad Technologies Enters Agreement
GreenRoad Technologies Inc. (www.greenroadtech.com), a provider of driver safety technologies, recently 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.
GreenRoad reports that it 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. 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.
“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.”