Company which aims to improve driver safety with in-vehicle digital device secures funds to expand
GreenRoad, which creates a device that monitors driving behavior, has raised $15 million in growth funding. Dag Ventures led the round with participation from existing investors Benchmark Capital, Virgin Green Fund, Amadeus Capital Partners and Balderton Capital.
Founded in 2003 as DriveDiagnostics by Hod Fleishman and Ofer Raz, GreenRoad is sort of like a ‘big brother’ for commercial drivers. It sells diagnostic hardware for the fleet market which include vehicles ranging from trucking, couriers, company cars, construction, public transit, to car rentals. The device monitors many elements of driving including safety and gas efficiency while transmitting analysis and reporting back to home base so managers can assess how safe the commercial driver is operating their vehicle.
GreenRoad says it can reduce accident rates by 46% and total fleet risk by 77%. GreenRoad’s publicly announced customers include T-Mobile, Ryder Logistics, LeFleur Transportation and the UK Ministry of Defence.
When asked about the concern on its device being a little Big Brotherish by the San Francisco Business Times, GreenRoad responded saying, “We’ve been very careful in our product design that this is about how you drive, not (about) enforcing the rules.”
GreenRoad plans to use the fundraising for global expansion. Currently, it has offices in Redwood Shores, Ca., London and Israel.
Below is look at GreenRoad's analysis software.
