Israeli technology company Green Road Technologies announced today the completion of additional financing round of $ 26 million. This round brings the total investment in the company to date, including the current round, to 91 million – a reputable investment amount in due course also will require significant exit. The company sells systems for monitoring real-time driving data, using a dedicated application or hardware installed in vehicles.
The company was founded in 2004 by Hod Fleishman and Ofer Raz, who are not involved in its management. After some last changes to the Company’s management in recent years, currently heads the company CEO Ze’ev Braude.
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IGP Foundation of Shani and Moshe Lichtman led the round of investment in the company. The fund recently enjoyed a quick exit when Panaya company, which has invested a month earlier, was acquired by the Indian Infosys for 230 million. Following the investment, the two will join the Board of Directors. Also participating in the investment cycle existing investors that include DAG Ventures, Benchmark Capital, Amadeus Capital Partners, Generation Investment Management and Virgin Green Fund.
Green’s facility Roadgrin Road
The company intends to use the capital raised to invest in marketing, expansion of sales in the US and Europe and the continued development of its products. The company declined to give details on the value or the extent of raising its profitability, but confirmed that she had revenues of tens of millions of dollars a year. Green Road has 80 employees, including 50 in Israel. The company plans to raise tens of employees this year.
Green Road provides a solution for monitoring real-time driving data. The company’s customers fleet and logistics organizations seeking to improve the driving profile of drivers and optimize their performance. The solution is based on an application installed on smartphones or dedicated hardware company developed and installed in vehicles. The company announced today the majority of commercial fleets prefer the hardware solution. The company’s system of fleet managers provides information that is used to raise awareness of safety as well as saving fuel, reducing insurance premiums and reduced costs and accidents. The company operates as a Software as a Service (SaaS).
Ze’ev Braude, CEO of GreenRoad, said that “telematics domain (Telematics) is changing rapidly and creates great opportunities. Fleet managers understand that the safety is key to controlling operating costs, fuel costs, insurance and service improvement. In the current market, companies are focused on the search for a solution that can meet the need to achieve sustainable change of driving patterns, and do not settle for basic need of monitoring and location tracking. We provide advanced technology and integrated vehicle installed with a cloud platform that provides managers an easy to use and allows our customers to enjoy an unprecedented returns on their investment. “