Motive, the AI-powered fleet-management company formerly known as KeepTruckin, has secured more than $1.3 billion in growth financing from General Catalyst’s Customer Value Fund and withdrawn its previously filed S-1 registration statement, formally abandoning plans to list on the New York Stock Exchange. The financing’s valuation was not disclosed. Motive had planned to trade under the ticker MTVE, with JPMorgan, Citigroup, Barclays and Jefferies as underwriters. The company’s annual recurring revenue has surpassed $600 million, up 30% year over year, while customers spending more than $100,000 annually grew nearly 60%. Net revenue retention exceeded 120%. CEO Shoaib Makani said Motive is well capitalized and wants to preserve the flexibility to pursue more aggressive investment opportunities as a private company. Founded in 2013 as KeepTruckin, Motive has expanded from electronic logging devices into an AI operations platform covering fleet management, driver safety, compliance and spend management. It serves nearly 100,000 customers and more than a million drivers across trucking, construction, utilities and other industries. General Catalyst Managing Director Pranav Singhvi will join Motive’s board. The company plans to invest the new capital in maintenance and operational-intelligence products while expanding its sales, support and service teams.