REDWOOD SHORES, CA --- GreenRoad Technologies, a leader in driver safety technologies, announced that Amadeus Capital Partners 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 GreenRoad's R&D, sales and marketing efforts. Richard Anton, Amadeus partner, becomes the newest member of GreenRoad's board of directors. "In both the commercial and consumer markets, the potential for GreenRoad products and services is enormous," Anton said.
GreenRoad Safety Center, the company's flagship product, addresses two major issues that contribute to the overall cost of doing business these days --- vehicle crashes and fuel economy. Aggressive driving contributes to 95 percent of road accidents and leads to injuries and fatalities. Unsafe drivers also waste fuel and increase carbon emissions, since aggressively driven vehicles burn 10 to 15 percent more fuel.
GreenRoad improves driver safety and reduces crash rates and fuel consumption by instantly identifying risky drivers and enabling them to change their behavior behind the wheel, the company said. An in-vehicle sensor collects information on over 120 different driving maneuvers. This service combines in-vehicle technology with Web-based applications that continuously rate driving skills and behavior, train drivers by providing feedback while they drive, and sustain behavior improvements through continuous reinforcement.
As a result, GreenRoad clients see an average reduction in crashes of 54 percent, lower accident costs, reduced carbon emissions and significantly better fuel economy, the company said.
GreenRoad has developed services targeting commercial fleet operators and high-risk consumers such as teen drivers.