GreenRoad announced last month that it has raised $10 million in financing from Generation Investment Management, the investment firm co-founded by Al Gore in 2004.

GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, intends to use the proceeds to accelerate the deployment of its GreenRoad 360 service among new and existing customers.

GreenRoad 360, the company’s proprietary-based service, provides drivers and fleet managers with real-time, comprehensive and preventative feedback, analysis, reporting and coaching on drivers’ abilities, maneuvers, and patterns.

According to GreenRoad, 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. A typical GreenRoad customer sees up to a 50% reduction in crash costs and up to a 10% reduction in fuel consumption within the first year. As a result, GreenRoad delivers an innovative solution that saves lives, saves fleets money in top vehicle expense categories (fuel, crash, wear & tear, insurance), and provides a cost-effective way to reduce emissions.

GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the U.S. and UK and an R&D Center in Or Yehuda, Israel, which has 90 employees. The company was founded in 2003 by Chief of Safety Hod Fleishman and CTO Ofer Raz.

I am excited to see Generation working with GreenRoad. GreenRoad’s job is to make our roads safer and greener, and I look forward to seeing what the two can do together to lead the way to cleaner, safer, and more cost-efficient transportation.

View a previously written post by Mouli Cohen about innovation