Telematics provider GreenRoad has secured £17.5 million ($26m) funding to help the company expand across the globe.
The business, which has offices in the UK, US and Israel, provides fleets with products aimed at changing driver behaviour and managing performance.
The investment round was led by Israel Growth Partners with participation from existing investors Amadeus Capital Partners, Benchmark Capital, DAG Ventures, Generation Investment Management and Virgin Green Fund. IGP General Partner Haim Shani has joined the GreenRoad board of directors.
Zeev Braude, CEO of GreenRoad, said: “The telematics space is changing rapidly, creating huge opportunities.
"Fleet executives realise that safer driving is a key to lowering operating costs, reducing environmental impact, and improving customer service provided by their mobile resources.
"When choosing a telematics solution, they regard the ability to create sustainable change in driver behavior as essential.
"Our product offering and technology are well positioned to meet market demand for solutions that address driver behaviour together with traditional telematics and industry-specific requirements.
"We provide intelligent in-vehicle technology and an advanced, yet simple-to-use cloud platform that allows our customers to benefit from unprecedented return on their investment.”
GreenRoad will utilise the new capital injection to invest heavily in expanding its sales and marketing resources and activity in the US and EMEA.
In addition, the company plans to enhance its driver behavior technology to capture opportunities arising from next generation mobility models, new ADAS and connected fleet technologies.