Fleet management software company Motive Technologies Inc., formerly known as KeepTruckin, today announced that it has raised $150 million in new funding to increase its investment in artificial intelligence, expand its product suite managing expenses and developing their business capabilities.
Series F was co-led by Insight Partners and Kleiner Perkins. Including the new funding, Motive has raised $567.3 million, according to Crunchbase, including a $149 million round in April 2019. Previous investors include Greenoaks Capital, IVP, GV, Index Ventures and Scale Venture Partners.
Founded in 2013, Motive offers a software suite that enables truckers and trucking companies to improve their safety, productivity, sustainability and profitability. As noted when Motive changed its name from KeepTruckin, the company started life with its smartphone apps for truck drivers and electronic logging devices that track their compliance with government limits on driving time.
In 2022, Motive expanded into fleet management software, giving trucking companies a way to track truck fleets in real time. Where Motive gets interesting is its use of artificial intelligence to optimize the best routes for drivers and the company’s service can also automate tasks such as filing fuel taxes.
With the highest inflation rates in a lifetime, the company says, the need for automation to improve safety and productivity while reducing costs is greater than ever. Motive says the impact that AI-powered automation can have on physical operations is clear; according to a recent study, the Motive AI Dashcam accurately detected 89% of unsafe driving behaviors, helping companies reduce accidents by up to 22%.
The motivation doesn’t stop with AI-powered fleet and truck management. It also offers the Motive Card, which is said to be the first corporate card natively integrated with a fleet management platform, giving businesses an all-in-one solution to automate their financial and physical operations. With the new funding, Motive will accelerate its investment in the Motive Card and related expense management tools to help businesses save on fuel and other expenses while controlling where and when their drivers and employees can spend.
The company has experienced solid growth and recently landed new customers including Rosendin Electric Inc., Select Energy Services Inc. and Strike LLC. Other customers include Carvana Co., Landstar System Inc., Step Energy Services Inc., KLX Energy Services Holdings Inc. and Evoque Water Technologies LLC.
“We continue to execute on our mission to transform the safety, productivity and profitability of businesses that power the physical economy,” Shoaib Makani, CEO and co-founder of Motive, said in a statement. “The additional funding allows us to accelerate our technology development and scale our team to serve our expanding customer base.”
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