KeepTruckin Inc. raised $190 million in a new funding round that values the San Francisco-based provider of fleet management software at $2.3 billion.

The round was led by G2 Venture Partners with participation from BlackRock Inc., Index Ventures, GV—the venture capital arm of Alphabet Inc.—as well as Greenoaks Capital, IVP, and Scale Venture Partners, chief executive officer Shoaib Makani said in an interview. The funding will help the startup develop its technology offerings in part by doubling the headcount of its research and development team to more than 700, Makani said.

Founded in 2013, KeepTruckin provides artificial intelligence-powered hardware and software to a range of fleet management businesses including Carvana Co., which operates an online platform for buying used cars, JB Hunt Transport Services Inc. and Cascade Drilling.

“We’re excited about the road ahead, and this funding round gives us years of runway,” said Makani. KeepTruckin aims to improve the safety, productivity and efficiency of companies with offerings like dashcams and fuel tracking, which it says reduces expenses and carbon emissions.

“We believe every single commercial fleet should deploy AI to reduce the risk, frequency and cost of accidents,” Makani said, noting that some of KeepTruckin’s customers have experienced a reduction in accident frequency of more than 30% as well as lowered insurance rates and seat belt violations. He said the company’s fuel hub offering will also provide visibility for electric, battery-powered, vehicles.

KeepTruckin’s annual recurring revenue exceeds $150 million, and it’s growing at an annualized rate of more than 70%, Makani said. The company last raised funding in 2019 at a $1.4 billion valuation.

“KeepTruckin has a history of making powerful and complicated products easily digestible for use by drivers and fleet managers,” said Zach Barasz, a partner at G2 Venture Partners, who likened it to Apple Inc.’s production of the iPhone.