Richard Branson's Virgin Green Fund has led a $14.5 million financing round by GreenRoad Technologies Ltd. together with existing investors. Benchmark Capital and its affiliate Balderton Capital.
GreenRoad develops driver safety and risk management technologies that reduce accident rates and lower insurance and other costs. GreenRoad director of product development Ofer Raz and SVP business development Hod Fleishman founded the company in 2002. Its CEO is Dan Steere. The company has raised $19 million to date, including the present financing round.
A growing number of Israeli start-ups are entering the vehicle industry. GreenRoad says that its Safety Center system enables drivers to manage their own safety by giving instantaneous, in-vehicle feedback, without privacy invasions. As a result, drivers are motivated to change their behavior behind the wheel. The company claims that its technology has reduced crashes by 54%, reduced at-fault crashes by 42%, and cut fuel costs by 7%.
GreenRoad has had initial sales, mostly to US car fleets. The Safety Center system costs $1,000. The company has 30 employees. Headquartered in California, it has an R&D center in Or Yehuda and an office in London.
Virgin Green Fund was established in 2006 and manages $400 million. It invests in cleantech and renewable energy ventures. It has already invested in one Israeli company: MetroLight Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2008
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