(Dec 24): Motive Technologies Inc filed publicly for an initial public offering, with the artificial intelligence-enabled fleet management software firm disclosing both growing revenue and net losses.
The company, which counts Alphabet Inc’s Google Ventures and Kleiner Perkins among its backers, recorded a net loss of US$138.5 million on revenue of US$327.3 million in the nine months ended Sept 30, according to a filing Tuesday (Dec 23) with the US Securities and Exchange Commission. That compares with a net loss of US$113.9 million on revenue of US$268.9 million in the same period last year.
The San Francisco-based company’s technology helps owners of large fleets keep track of their vehicles, manage their maintenance costs and monitor driver safety, including via AI-assisted dashboard cameras installed in the cabs of trucks, according to the filing. The company estimates its platform has helped prevent more than 170,000 collisions since 2023.
Motive said in September that it had filed confidentially for an IPO.
A 2022 funding round valued the company at US$2.85 billion, according to a statement at the time. In July, Motive raised US$150 million from a pre-IPO funding round led by Kleiner Perkins. The capital would be used to invest more in AI and to grow internationally, co-founder and CEO Shoaib Makani told Bloomberg News.
Founded in 2013, the firm’s customers come from sectors including construction, oil and gas, trucking and logistics. It had 9,201 core customers representing about 73% of total annual recurring revenue as of Sept 30, the filing shows.
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Motive is facing multiple legal proceedings from Samsara Inc, one of its competitors, related to whether the company’s technology infringed on its rival’s patents, according to the filing. Motive says Samsara’s legal claims have no merit and is disputing the allegations.
The offering is being led by JPMorgan Chase & Co, Citigroup Inc, Barclays plc and Jefferies Financial Group Inc. The company plans for its shares to trade on the New York Stock Exchange under the symbol MTVE.
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