Amadeus Capital Partners, a European technology investor, has joined with rivals Virgin Green Fund, Benchmark Capital, and Balderton Capital in providing C round financing of $17.5 million (€11 million) of GreenRoad Technologies, a driver safety technology business. Since Virgin opened the round in January, GreenRoad has won both Staffordshire County Council and the Ministry of Defence in the UK as customers.
The funding will be used to expand the company’s R&D, sales and marketing efforts. Richard Anton, an Amadeus partner, has joined GreenRoad’s board.
GreenRoad provides in-vehicle sensors to help improve driver safety and significantly reduce crash rates and fuel consumption by instantly identifying risky drivers and enabling them to change their behaviour behind the wheel. The sensor feeds data back to web-based software that continuously rates driving skills and behaviour, as well as provides feedback while the vehicle is in motion.
The company says clients have reduced crashes by 54 percent on average as well as reducing carbon emissions and improving fuel economy.
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 was advised by Gross, Kleinhendler, Hodak, Berkman & Co.