Motive, formerly KeepTruckin, revealed on Wednesday that it has raised $150 million in series F funding.
Motive now has a $2.85 billion valuation, up from $2.3 billion after the company’s Series E fundraising round last June.
Motive officials stated that the additional funding will be used to invest in more AI, expand the company’s product suite into spend management, and enhance its enterprise capabilities.
“The extra capital allows us to expedite the development of our technology and scale our staff to support our expanding customer base,” Motive CEO Shoaib Makani said in a statement. “We continue to carry out our objective to improve the safety, efficiency, and profitability of firms that power the physical economy.”
Insight Partners and Kleiner Perkins led the series F round.
“We appreciate the long-term value Motive provides to consumers, and we are pleased by their technology, ability to execute, and market potential,” Teddie Wardi, managing director at New York-based Insight Partners, said in a statement.
Motive was launched in 2013 in San Francisco as KeepTruckin. Motive, the company’s moniker since April, promises to deliver hardware and software applications for businesses other than trucking and logistics.
Motive’s product solutions include an AI dashcam that allows fleets to detect risky driving behavior and assist businesses in reducing accidents. The company also provides a corporate card that enables fleet managers to track fleet activities.
Motive has just announced an automated operations platform, which combines its hardware with AI software to offer automation to industrial fleets for functions such as asset tracking, compliance, and driver safety.
