REDWOOD SHORES, Calif. and LONDON – July 21, 2008 GreenRoad Technologies, a world leader in driver safety technologies, today announced that Amadeus Capital Partners, the European technology investor, has joined Virgin Green Fund, Benchmark Capital, and Balderton Capital in providing C round financing of $17.5 million. The funding will be used to expand the company’s R&D, sales and marketing efforts. Richard Anton, Amadeus Partner, becomes the newest member of GreenRoad’s Board of Directors.
The GreenRoad to Driver Safety
GreenRoad Safety Center, the company’s flagship product, addresses two important issues that are a major contributor to the overall cost of doing business these days - vehicle crashes and fuel economy. Aggressive driving behaviour contributes to 95% of road accidents and leads to injuries and fatalities. Unsafe drivers also waste fuel and increase carbon emissions, as aggressively-driven vehicles burn 10-15% more fuel.
GreenRoad improves driver safety and significantly reduces crash rates and fuel consumption by instantly identifying risky drivers and enabling them to change their behaviour behind the wheel. An in-vehicle sensor collects information on over 120 different driving manoeuvres. This service combines in-vehicle technology with web-based applications that continuously rate driving skills and behaviour, train drivers by providing feedback while they drive, and sustain behaviour improvements through continuous reinforcement. As a result, GreenRoad clients have experienced an average reduction in crashes of 54%, lower accident costs, reduced carbon emissions and significantly better fuel economy.
GreenRoad has developed services targeting commercial fleet operators and high risk consumers such as teen drivers. The company is partnering with commercial fleets, insurance companies, and local governments in the US, EU and Israel, where the combined estimated market potential exceeds 77 million vehicles. Led by a seasoned management team with decades of experience across the fleet, automotive, mobile and consumer technology industries, GreenRoad has generated an impressive number of installations less than a year after commercial product launch in the US and UK. Customers include T-Mobile, Staffordshire County Council, and the UK Ministry of Defence.
Richard Anton, Amadeus Partner, said, “GreenRoad’s know-how and execution are outstanding. The team has deep experience in the design and implementation of accurate and reliable systems that measure and manage real driver behaviour and risk - not just speed and location. The team also has decades of experience in selling to large corporate fleets and insurance companies. In both the commercial and consumer markets, the potential for GreenRoad products and services is enormous.”
“We are delighted that Amadeus recognises and supports our dedication to driver safety and fuel economy. As our company continues its rapid growth we are committed to expanding our efforts to fulfill our potential with every client we serve,” said Dan Steere, CEO of GreenRoad Technologies.
Benchmark Capital and Balderton Capital have been investors in GreenRoad since 2006. Virgin Green Fund joined in January 2008.
Advisers to Amadeus on the funding were Meitar Liquornik Geva & Leshem Brandwein. GreenRoad, Gross was advised by Kleinhendler, Hodak, Berkman & Co.
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For further information please contact:
Richard Anton or Pat Burtis, Amadeus, +44 20 7024 6900
Chantal Ligertwood, PR for Amadeus, +44 7976 229 210
Rachel Postlethwaite, Breakaway Communications for GreenRoad, +44 7949 883636
NOTES TO EDITORS:
GreenRoad develops driver safety technologies that stop risky driving before an accident occurs, and dramatically reduce crash rates for fleets and insurance companies. Its solutions are designed to empower drivers to manage their own safety by giving instantaneous, in-vehicle driver feedback—without invading privacy. Over time, GreenRoad has proven that it can improve driver safety behind the wheel. The result is fewer accidents, lower accident costs, and reduced fuel consumption and CO2 emissions. GreenRoad is backed by Benchmark Capital, Virgin Green Fund, Balderton Capital and Amadeus Capital. For more information about GreenRoad, visit www.greenroad.com.
Amadeus is one of Europe’s leading technology investors. Since its inception in 1997, the firm has backed over 70 companies covering computer hardware and software, mobile and fixed communications technologies, medical technologies and clean technologies. Investments include Celltick, the global market leader in mobile idle screen marketing, CSR, producing single chip bluetooth radios for short range connections and floated on the London Stock Exchange in 2004, Optos, a manufacturer of laser retinal scanners and floated on the London Stock Exchange in 2006, Solexa, the developer of next generation genetic analysis systems, merged with Illumina Inc., which is quoted on NASDAQ, and Transmode, the European market leader in metro data transport systems. For more information about Amadeus visit www.amadeuscapital.com.
Amadeus Capital Partners Ltd is authorised and regulated by the Financial Services Authority. Registered office: Mount Pleasant House, 2 Mount Pleasant, Cambridge CB3 0RN, UK. Registered in England no: 3392685.
About Virgin Green Fund
Virgin Green Fund has been established to invest in companies in the renewable energy and resource efficiency sectors, primarily in the United States and Europe. Virgin Green Fund is a sector-focused, multi-stage investment firm investing primarily in expansion/growth capital opportunities with offices in London and San Francisco. The Fund has been launched with the backing of the Virgin Group and a strong network of additional limited partners. For more information, visit www.virgingreenfund.com.
About Benchmark Capital
Benchmark Capital, a leading international venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark’s general partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm’s portfolio companies. Benchmark’s portfolio includes high-profile start-ups like Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp, and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. The firm manages nearly $3 billion in committed venture capital. For more information on Benchmark Capital, visit its website at www.benchmark.com.
About Balderton Capital
Balderton Capital is one of Europe’s largest venture capital firms, committed to finding and helping talented entrepreneurs build great companies. Based in London, it manages approximately USD 1.5 billion in committed venture capital. Since 2000, Balderton has invested in over 70 companies across a wide variety of technology sectors and geographies, including the UK, mainland Europe, the US and China. Notable investments include Alphyra (Europe’s largest payment-processing network), Bebo (the leading social networking site), Codemasters (the developer and publisher of innovative video games), Habbo Hotel (the teen social networking site), MySQL (the open-source database business) and Setanta Sports (the European sports pay-tv broadcaster). www.balderton.com
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