Motive, a reputed platform for automated operations, confirms funding of $150 million and a valuation of $2.85 billion. The round leaders were Kleiner Perkins and Insight Partners. Motive will deploy these funds for expanding investments in artificial intelligence (AI), enterprise abilities, and spending management. The company feels a strong need for automation to enhance productivity and security while lowering costs.
AI-automation can help improve physical operations. The company feels 89% of unsafe driving patterns can improve with these technologies while lowering accidents by a handsome 22%. Motive is also expanding its computer vision engineering and machine learning teams, enabling companies to automate a growing workflow set.
The Motive Card is a unique and pioneering corporate card.
It has native integration with multiple platforms for fleet management. Businesses can enjoy this unique solution for automating their physical and financial operations. Motive will scale up investments in this card and tools for spend-management while enabling companies to save fuel and other expenditures. They can also control spends of employees and drivers. Motive is growing in the enterprise category. It has many new clients, including Select Energy, Rosendin, and Strike USA, in its fold. It will keep investing in professional services, engineering, and support.
The Managing Director at Insight Partners, Teddie Wardi, feels that partnering with Motive is an exciting proposition, with the company’s leadership in AI-tech for redefining operations. He adds that Motive offers value to customers over the long haul, impressing them with cutting-edge technologies and future market potential. The Partner at Kleiner Perkins, Ilya Fushman, states that Motive is already a market leader in offering financial and digital backup for the current operations and physical space, which is a huge market going through a fast transformation. He adds that their growth and scale testify to their value offerings.
The Co-Founder and CEO at Motive, Shoaib Makani, feels that the company will keep building on its mission of revolutionizing productivity, security, and profitability levels of companies in the physical economy. He adds that the new funds will help it scale up technological development and its teams while growing its customer base.