Fleet management tech firm Motive will continue to develop its artificial intelligence (AI)-based automation products for monitoring commercial drivers, following a $150 million venture capital round that brings the nine-year old company to a market valuation of $2.85 billion.
San Francisco-based Motive—which was known as KeepTruckin until it changed its name last month—raised the “series F” money through a funding round that was co-led by Insight Partners and Kleiner Perkins. The latest boost follows a “series E” round of $190 million in 2021.
The firm now plans to accelerate its investment in AI, expand its product suite into spend management, and grow its enterprise capabilities. Motive’s product suite includes an internet of things (IoT) platform for connected vehicles, automated coaching to improve driver safety, electronic logging device (ELD) compliance, tracking and telematics, a corporate credit card for spend management, and a “smart load board” freight matching tool.
The company currently serves customers in industries including trucking and logistics, construction, oil and gas, food and beverage, field service, agriculture, passenger transit, and delivery. Applied to those drivers, the company says its AI Dashcam tool detects 89% of unsafe driving behavior, helping businesses reduce accidents by up to 22%.
“Motive is a leader in providing digital and financial infrastructure for the physical economy — an incredibly large market undergoing rapid transformation,” Ilya Fushman, partner at Kleiner Perkins, said in a release. “Their scale and growth are a testament to the value they deliver to customers.”