Motive Raises $150 Million
Trucking tech firm is accelerating AI development and expanding rapidly in international markets.
California-based vehicle and driver monitoring firm Motive has raised an additional $150 million to fund further growth and expand AI capabilities.
The round was led by Kleiner Perkins, with participation from both existing investors and new investor AllianceBernstein. This is the eleventh round of funding for the company. Its last Series F round was in 2022.
Motive claims to serve over 100,000 customers and 1.3 million drivers across multiple industries. It says it has more than doubled its Annual Recurring Revenue from customers spending over $100,000 by adding "hundreds of new enterprise customers" and achieving a net revenue retention rate of more than 130%.
The company is seeing rapid growth in Canada and Mexico and plans to enter the United Kingdom in August. It will also use some of the new money to fund additional R&D activities in India.
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