KeepTruckin, a fleet management technology provider, raised USD 190 million in a Series E funding round from several investors, including G2 Venture Partners, Index Ventures, Greenoaks, IVP, and Scale Venture Partners, among others. The round valued the company at USD 2.3 billion and brought its total funds raised to USD 417.3 million.

The new funds are to be used to scale operations, continue developing artificial intelligence (AI)-powered products, and expand its workforce.

The company claims its business grew 70% YoY since the beginning of the Covid-19 pandemic, led by its expansion into new industries, including construction, oil and gas, and food and beverages.

KeepTruckin develops hardware and software for truckers to manage fleets and cargo. It provides electronic log-keeping systems, compliance features for electronic logging devices (ELD), and fleet management tools, including GPS-based tracking, monitoring driver performance, fuel efficiency profiles, and maintenance reminders and alerts for fleet owners. KeepTrucking currently has more than 90,000 companies and a million drivers on the platform, with a network of 400,000 connected vehicles.