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.
Founded in 2013, KeepTruckin offers artificial intelligence-powered hardware and software to a range of fleet management businesses, including Carvana Co (NYSE: CVNA), JB Hunt Transport Services Inc (NASDAQ: 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.
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