Israeli Start-up GreenRoad Technologies Gets Boost from Al Gore
Ira Moskowitz | | 2 Comments | Email this
Image of Al Gore via BusinessWeek
Former US Vice President and Nobel Prize winner Al Gore’s Generation Investment Management cleantech fund led a $10 million financing round for the Israeli start-up GreenRoad Technologies, the Globes business newspaper reported on Monday.
GreenRoad Technologies will use the new injection of capital to accelerate the deployment of its GreenRoad 360 service among existing and new customers. GreenRoad 360 provides drivers and fleet managers with real-time feedback and analysis of drivers’ abilities and driving patterns.
But what is green about GreenRoad Technologies?
The company’s name derives from its color-coded technology: green indicates safe driving conduct, while yellow and red signal dangerous driving. More importantly, the company says that driving behavior is the largest single contributor to fuel efficiency, and that billions of dollars could be saved each year by improving driving conduct.
Customers typically see a 50% reduction in accident costs and 10% savings in fuel costs within the first year of using the service, the company claims.
GreenRoad Technologies, founded in 2002, employs about 90 people at its Or Yehuda R&D center. It has now raised about $48 million. Besides Al Gore’s fund, investors include Benchmark Capital, DAG Ventures, Balderton Capital, Amadeus, and Sir Richard Branson’s Virgin Green Ventures.
Hod Fleishman, the company’s safety chief, told Globes that he expects GreenRoad Technologies to become profitable soon: “This may be our final financing round.”
2 Responses to “Israeli Start-up GreenRoad Technologies Gets Boost from Al Gore”
GreeRoad Saves Lives and Fuel (& Why Branson and Gore Invested in Them) | Green Prophet • March 28th, 2010 • 10:32 am
[...] to roll out of the plants, but greener transportation solutions are needed now. Bridging the gap is Israel’s GreenRoad, which has found such an efficient way to save fuel and reduce accidents that even the insurance [...]
Al Gore’s Fund Invests in Israel Again – This Time in Tigo | Green Prophet • April 15th, 2011 • 12:23 am
[...] fund that climate champion Al Gore’s chaired has already invested $10 million in an Israeli cleantech company – GreenRoad, a company that has developed a software solution to manage the gas consumption and driving safety [...]