GreenRoad secures $3 million for driver-safety tech
GreenRoad Technologies announced it has received $3 million in series C funding from Amadeus Capital Partners, Virgin Green Fund, Benchmark Capital, and Balderton Capital on Monday.
The company's main product, the GreenRoad Safety Center, might be called a digital backseat driver. It features on-board sensors tracking some 120 moves made by the driver. Paired with Web applications, a dashboard display offers real-time suggestions about how to steer the car more safely.
GreenRoad claims that clients have found a 54 percent reduction in crashes and a 7 percent drop in fuel costs.
The company says its product is being picked up by commercial fleets, insurance companies, and governments in the United States, Europe, and Israel. With offices in Redwood Shores, Calif., and London, GreenRoad projects that its products could serve 77 million vehicles.
In January, the company raised $14.5 million led by Virgin Green Fund and Benchmark Capital.