Israel based GreenRoad Technologies, formerly known as (Diagnostics Drive), develops innovative driver safety technologies that prevent risky driving before an accident occurs. The company has just completed a $14.5M round led by Virgin Green Fund and Benchmark Capital with participation from Balderton Capital, Benchmark’s UK extension.
In the official announcement, Sir Richard Branson, founding investor in Virgin Green Fund said:
“GreenRoad Technologies has created an innovative and market-leading product that can help to create a cleaner and safer environment… By deploying GreenRoad through their fleets, companies can play an important role in reducing fuel consumption, lowering harmful emissions and fostering safe driving habits. This in turn benefits a company’s bottom line, while also benefiting the community in which it operates.”
As part of the investment, Shai Weiss, Managing Partner of Virgin Green Fund, will join GreenRoad’s Board of Directors. Prior to Virgin Green Fund, Shai was with ntl:Telewest (now known as Virgin Media). Shai is no stranger to the Israeli VC industry. He also help set up the European office of Jerusalem Venture Partners,
Greenroad Tech’s solutions claim to:
* Reduce crashes by 54%
* Reduce at-fault crashes by 42%
* Reduce high risk driving behavior by 50%
* Decrease fuel costs by 7%
Stay tuned for additional coverage on this story….