GreenRoad, a company developing technology to encourage safe and efficient driving, raised $10 million in financing from the venture capital firm cofounded by former vice president Al Gore.
The company said it will use funds from the Generation IM Climate Solutions Fund to expand GreenRoad 360 service among existing and new customers.
GreenRoad 360 provides drivers and fleet managers with real-time feedback, analysis, reporting and coaching on drivers’ abilities, maneuvers and patterns.
Driving behavior is the largest single contributor to driving safety and fuel efficiency and costs the US and Europe over $500 billion dollars per year. GreenRoad says a typical customer sees up to a 50% reduction in crash costs and up to a 10% reduction in fuel consumption within the first year.
GreenRoad is headquartered in Redwood Shores, Calif., with sales offices throughout the U.S. and UK and an R&D Center in Israel. To date it has raised $42.5 million in venture capital, and investors include Benchmark Capital, Virgin Green Fund, Amadeus, Balderton Capital, DAG Ventures and Generation Investment Management LLP.
Launched in 2004, Generation Investment Management LLP is an independent, private, owner-managed partnership with offices in London, Sydney and New York. Generation’s investment approach is based on the idea that sustainability factors–economic, environmental, social and governance criteria–will drive a company’s returns over the long term.
Last weekend, Gore published an editorial in the New York Times defending the work of climate science and arguing for the passage of US cap-and-trade legislation.
The Generation IM Climate Solutions Fund reportedly manages $683 million. Read additional coverage at the link below.
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