Benzinga | Jun 17, 2021 08:20AM EDT

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 (NASDAQ:GOOG) (NASDAQ: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 (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.