Fleet Management Software Provider KeepTruckin Procures $190M At $2.3B Valuation: Bloomberg

KeepTruckin Inc has raised $190 million in a new funding round that values the San Francisco fleet management software provider at $2.3 billion, Bloomberg reports.
The funding will help to develop its technology offerings in part by doubling the headcount of its research and development team to over 700.
G2 Venture Partners led the round with BlackRock Inc, Index Ventures, Alphabet Inc GOOG GOOGL venture capital arm GV, Greenoaks Capital, IVP, and Scale Venture Partners.
Founded in 2013, KeepTruckin offers artificial intelligence-powered hardware and software to a range of fleet management businesses, including Carvana Co CVNA, JB Hunt Transport Services Inc JBHT, and Cascade Drilling.
The AI lowered some of KeepTruckin’s customers’ accident frequency by over 30% from the AI deployment. It had also reduced insurance rates and seat belt violations.
KeepTruckin’s fuel hub offering will also provide visibility for electric, battery-powered vehicles.
KeepTruckin’s annual recurring revenue exceeds $150 million. The company is growing at an annualized rate of over 70%. KeepTruckin last raised funding in 2019 at a $1.4 billion valuation.