Motive Technologies (FKA: KeepTruckin), a fleet management and driver safety startup, has reportedly hired JP Morgan Chase & Co. to lead its upcoming initial public offering, according to Bloomberg. The San Francisco-based company is also working with Citigroup, Barclays, and Jefferies as it prepares for a listing that could come as soon as the end of this year.
Motive’s platform combines hardware and software to help fleet operators monitor vehicles, manage maintenance costs, and improve driver safety—most notably through AI-powered dashboard cameras installed in trucks. The company has grown to more than 100,000 customers and is generating roughly $500 million in annualized recurring revenue. CEO Shoaib Makani told Bloomberg that Motive has been cash-flow positive since late 2024.
In July, Motive raised $150 million in a pre-IPO round led by Kleiner Perkins, earmarking the capital for further AI investment and international expansion.
Valuation in the Prime Unicorn Index
According to the Prime Unicorn Index, Motive last raised its Series F in May 2022 at a roughly $2 billion valuation. Subsequent filings revealed a drop in its 409a valuation, leading the Index to lower Motive’s value to $1.14 billion. The company’s current standing in the Index reflects a $1.58 billion valuation, supported by various secondary market transactions.
Motive is currently a component of the Prime Unicorn Composite Index. See how it has performed against the broader Index below.
