New investor leads road safety co GreenRoad round

The driver habits improvement company raised $15 million.

GreenRoad Technologies Inc. has raised $15 million in a financing round led by DAG Ventures, a new investor. Current investors Benchmark Capital, Virgin Green Fund, Amadeus Capital, and Balderton Capital also participated. The company has raised $38 million since it was founded, including the present round.

GreenRoad CTO Ofer Raz and chief of safety Hod Fleishman founded the company, which is based in California, has sales offices in the US and UK, and an R&D center at Or Yehuda, in Israel. The company develops solutions for improving driver safe and fuel-efficient driving habits. The company's system has sensors that analyze up to 120 separate driving events in real-time, and transmits the data to a red-yellow-green LED light display, which provides the driver with immediate feedback. The device also transmits the safety data via cellular modem to the GreenRoad servers to evaluate overall driving risk and skills.

GreenRoad claims that a driver's behavior can reduce fuel consumption by up to 33% and accidents by up to 95%.

The company has 65 employees, mostly in Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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