Motive brings its valuation to $2.85 billion in Series F round

The company plans to spend the proceeds to improve AI performance and expand its portfolio of products.

Motive, formerly known as KeepTruckin, announced Wednesday that it raised $150 million in a Series F funding round and reached a valuation of $2.85 billion.

The round was led by Insight Partners and Kleiner Perkins.

“We see the value of the services Motive offers clients, we are impressed with their technology, execution capabilities and market potential,” said Teddy Vardy, managing director of Insight Partners.

This spring Motive launched its Automated Operations platform which integrates IoT hardware and artificial intelligence applications. The company's products are now used in a variety of industries, including oil and gas and agriculture.