Motive pulls its IPO filing after raising $1.3bn from General Catalyst

Motive raised over $1.3 billion from General Catalyst's Customer Value Fund, leading it to withdraw its planned IPO filing. The company, which offers an AI platform for managing physical operations, reported strong growth with annual recurring revenue surpassing $600 million and a 30% year-over-year increase. Motive plans to use the funds to enhance its AI platform, expand sales teams, and develop new products while remaining private for now.