Motive Raises $150 Million in Series F Funding
SAN FRANCISCO–(BUSINESS WIRE)–Motive, the leading Automated Operations Platform for the physical economy, announced today that it raised $150M in additional funding at a $2.85 billion valuation, co-led by Insight Partners and Kleiner Perkins. Motive will use this additional capital to scale its investment in three key areas: accelerate its investment in AI, expand its product suite into spend management, and grow its enterprise capabilities.
With businesses facing inflationary pressure, the need for automation to improve safety and productivity while reducing costs is greater than ever. The impact AI-powered automation can have on physical operations is clear — in a recent independent study, the Motive AI Dashcam accurately detected 89% of unsafe driving behavior, helping businesses reduce accidents by up to 22%. Motive is scaling its machine learning and computer vision engineering teams, to help businesses automate an expanding set of operational workflows.
The Motive Card is 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. Motive will accelerate its investment in the Motive Card and related spend management tools to help businesses save on fuel and other expenses while controlling where and when their drivers and employees can spend.
Motive is rapidly accelerating growth in the enterprise segment with major new customer wins, including Rosendin, Select Energy, and Strike USA. Motive will continue to invest heavily in its engineering, professional services, and support teams to serve its expanding set of enterprise customers.
“We’re excited to partner with Motive as the company has already established itself as a leader in AI technologies for physical operations. We recognize the long-term value Motive offers to customers, are impressed by their technology, ability to execute, and market potential,” said Teddie Wardi, Managing Director at Insight Partners. “We look forward to working with the Motive team as they continue to scale up and grow.”
“Motive is a leader in providing digital and financial infrastructure for the physical economy — an incredibly large market undergoing rapid transformation,” said Ilya Fushman, Partner at Kleiner Perkins. “Their scale and growth are a testament to the value they deliver to customers.”
“We continue to execute on our mission to transform the safety, productivity, and profitability of businesses that power the physical economy,” said Shoaib Makani, CEO and co-founder of Motive. “The additional funding allows us to accelerate development of our technology and scale our team to serve our expanding customer base.”
Motive builds technology to improve the safety, productivity, and profitability of businesses that power the physical economy. The Motive Automated Operations Platform combines IoT hardware with AI-powered applications to automate vehicle and equipment tracking, driver safety, compliance, maintenance, spend management, and more. Motive serves more than 120,000 businesses, across a wide range of industries including trucking and logistics, construction, oil and gas, food and beverage, field service, agriculture, passenger transit, and delivery. Visit gomotive.com to learn more.