Motive has officially abandoned its plans for an initial public offering on the New York Stock Exchange. The company withdrew its S-1 registration statement after securing more than $1,3 billion in growth financing from the General Catalyst Customer Value Fund.
This latest investment follows a $150 million round led by Kleiner Perkins in July 2025. While the company did not disclose its current valuation, its last known valuation reached $2,85 billion in 2022. The total funding raised by Motive now exceeds $700 million.
The new capital will support the development of AI-driven products, including a forthcoming Maintenance and Operations Intelligence tool. Additionally, the company plans to expand its sales, support, and service teams to scale its operations across the transportation, construction, and energy sectors.
Motive currently serves nearly 100 000 customers. The company reported that annual recurring revenue from clients spending over $100 000 per year grew by nearly 60% year over year, with net revenue retention for this group exceeding 120%.
As part of the deal, Pranav Singhvi, managing director at General Catalyst, will join the Motive board of directors. The company continues to compete with industry players such as Samsara, which is currently valued at approximately $20 billion, and the private firm Geotab.
