Road safety technology co GreenRoad raises $3m

The company has raised $17.5 million altogether in its second financing round.

Israeli start-up GreenRoad Technologies Ltd. (formerly Drive Diagnostics) has raised an additional $3 million in its second financing round, which it began in January. The company has now raised a total of $17.5 million in this round. Current investors Benchmark Capital, Balderton Capital Management LLP, and Sir Richard Branson's Virgin Green Fund participated in the round, joined by Amadeus Capital Partners. The company said it would use the proceeds from the latest round to expand its R&D and sales network.

GreenRoad was founded in 2002 by CTO Ofer Raz, and SVP business development Hod Fleishman. The company, whose CEO is Dan Steere, is headquartered in Or Yehuda and employs 43 people. GreenRoad develops driver safety technologies that stop risky driving before an accident occurs. Its solutions are designed to empower drivers to manage their own safety by giving instantaneous, in-vehicle driver coaching without privacy invasions.

Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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