Fleet management solutions provider Motive, formerly known as KeepTruckin, announced Wednesday it has raised $150 million in series F funding.
With the most recent funding round, Motive has reached a $2.85 billion valuation, up from $2.3 billion after the company’s series E raise last June.
Motive officials said they will use the additional capital to invest in more AI, expand the company’s product suite into spend management and grow its enterprise capabilities.
“The additional funding allows us to accelerate development of our technology and scale our team to serve our expanding customer base,” Motive CEO Shoaib Makani said in a release. “We continue to execute on our mission to transform the safety, productivity, and profitability of businesses that power the physical economy.”
The series F round was co-led by Insight Partners and Kleiner Perkins.
“We recognize the long-term value Motive offers to customers, we are impressed by their technology, ability to execute, and market potential,” Teddie Wardi, managing director at New York-based Insight Partners, said in a statement.
|Funding amount||$150 million|
|Funding round||series F|
|Lead investors||Insight Partners and Kleiner Perkins|
|Goal for the round||Invest in more AI and expand its product suite|
|Total funding||$567.3 million|
Motive was founded in 2013 in San Francisco as KeepTruckin. In April, the company changed its name to Motive as it aims to provide hardware and software applications for industries outside just trucking and logistics.
Some of Motive’s product offerings include an AI dashcam to enable fleets to detect unsafe driving behavior and help businesses reduce accidents. The company also offers a corporate card allowing fleet managers the ability to track fleet operations.
Motive also recently launched an automated operations platform that combines its hardware with its AI software to bring automation to industrial fleets for tasks such as asset tracking, compliance and driver safety.
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Source: freightwaves - Motive raises valuation to $2.85B after closing $150M funding round
Editor: Noi Mahoney