Motive, an automated operations platform for vehicle fleet companies, announced Wednesday it raised $150 million in a funding round co-led by Insight Partners and Kleiner Perkins. This new round of funding brings Motive’s valuation to $2.85 billion.
The company plans to use its new capital to accelerate investment in AI, expand its product suite to increase spend management and grow its enterprise capabilities.
Formerly KeepTruckin, Motive offers a number of management and automation solutions for the trucking and fleet industry. With AI-powered automation, fleet businesses can improve safety and productivity while reducing costs. In a recent independent study, Motive AI Dashcam — which uses AI and imaging technology to improve driver safety — was found to have an 89 percent accuracy rate in detecting unsafe driving behavior. According to Motive, this has helped its customers reduce accidents by up to 22 percent.
Motive also offers a corporate card that is natively integrated into its fleet management platform. This makes it easy for companies to automate financial and physical operations with an all-in-one solution. This is one of the areas Motive plans to accelerate investment in, hoping to help companies save on fuel and driving expenses by controlling where and when drivers spend.
“We continue to execute on our mission to transform the safety, productivity and profitability of businesses that power the physical economy,” Motive co-founder and CEO Shoaib Makani said in a statement. “The additional funding allows us to accelerate [the] development of our technology and scale our team to serve our expanding customer base.”
Motive has added a number of new customers to its business recently, including Rosendin Electric, Select Energy Services and Strike USA. Motive plans to invest more in its engineering, professional services and support teams to increase its enterprise customer base. It is currently hiring for 96 roles across departments.
