(Bloomberg) -- Motive, the technology company formerly known as KeepTruckin, said it reached a $2.85 billion valuation after raising $150 million in equity funding.

The transaction, co-led by Insight Partners and Kleiner Perkins, represents a step up from the $2.3 billion mark the maker of fleet-management software secured last June. 

“Our business is really thriving and given there’s uncertainty in the market, we wanted to make sure we’re capitalized to see through any economic headwinds and can continue to invest,” Motive co-founder and Chief Executive Officer Shoaib Makani said in an interview. The company plans to invest in its artificial-intelligence capabilities, expand in spend management and broaden its enterprise client base, he said. 

Motive’s annual recurring revenue exceeds $250 million and it’s growing at an annualized rate of roughly 70%, Makani said, citing demand from clients seeking to combat inflation. For instance, its artificial-intelligence dash cam identifies unsafe driving behavior and can reduce the likelihood of accidents. Motive’s technology can also promote fuel efficiency by identifying excessive speeding or idling, he said. 

“In many ways, it’s the early innings for Motive,” said Ilya Fushman, a general partner at Kleiner Perkins, referencing the more than 120,000 businesses that the startup currently serves. “The potential is millions over time,” added Fushman, who oversaw Index Ventures’ investment into Motive in 2015 and believes the company’s technology will be embraced within other “physical economy” sectors such as construction and oil and gas. 

Both Fushman and Insight’s Teddie Wardi said they supported Motive’s foray into financial services, which to date has focused on spend management. The startup introduced a corporate card that’s integrated with its fleet-management platform, which it says may help customers detect fraud or misuse.

Read more: KeepTruckin Raises Fresh Funds Valuing Startup at $2.3 Billion

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