MOUNTAIN VIEW, Calif., March 12, 2024 /PRNewswire/ -- Applied Intuition, Inc., a vehicle software supplier for automotive, trucking, construction, mining, agriculture, and other industries, has raised a $250 million Series E financing round at a $6 billion valuation. The round was led by Bilal Zuberi at Lux Capital (Series C lead investor), Elad Gil (Series D lead investor), and strategic investor Porsche Investments Management S.A. Applied Intuition also announced the following new and existing investors: Andreessen Horowitz (Series A lead investor), General Catalyst (Series B lead investor), Mary Meeker at BOND, Human Capital, Henry Kravis, Mustafa Suleyman, Ray Dalio, John Quinn, and Nico Rosberg.
Applied Intuition has maintained sustainable triple-digit percentage growth year-over-year, profitably. It has expanded beyond its Silicon Valley headquarters to Detroit, Washington, D.C., Germany, Korea, and Japan and has customers worldwide, including 18 of the top 20 automotive OEMs.
"Applied Intuition benefits from generational megatrends including generative AI, autonomous systems, and software-defined vehicles. It is no wonder the company has built a scalable business and become an indispensable partner to top automotive OEMs and the U.S. military," said Bilal Zuberi, General Partner at Lux Capital. "Applied Intuition is at the forefront of the AI revolution to transform the global transportation industry, and we are excited by its growth and distinctive position in the market. The best evidence is our enthusiasm to invest in every opportunity in the company's history."
The company will use the financing to make significant investments in generative AI to unlock substantial value for customers and partners. With recent advancements in large language models (LLMs), Applied Intuition is uniquely positioned to help its customers revolutionize the vehicle software development process. The company will continue to recruit the world's best software and AI engineers to further expand its offerings that enable its customers to have the world's most advanced driver-assistance systems (ADAS) and automated driving (AD) solutions.
"More than ever, consumers expect exclusive and seamless software integration in their cars," said Lutz Meschke, CFO at Porsche AG. "With this strategic investment and partnership we want to further strengthen Porsche's expertise in the field of software and customer experience."
"Within the last few years, we've seen massive advances in artificial intelligence that will have groundbreaking impacts on the industries that Applied Intuition serves. Our role as a leader in the ecosystem is to bring the best of what Silicon Valley has to offer to our global customer base," said Qasar Younis, CEO and Co-Founder of Applied Intuition. "Our industry-leading vehicle software products will infuse AI technology to expand beyond our definitive ADAS and AD toolchain, which will exponentially accelerate the production of next-generation vehicles."
About Applied Intuition
Applied Intuition is a Tier 1 vehicle software supplier that accelerates the adoption of safe and intelligent machines worldwide. Founded in 2017, Applied Intuition provides the definitive ADAS and AD toolchain to deliver high-quality systems and shorten time to market. 18 of the top 20 global automakers trust Applied Intuition's end-to-end solutions to drive the production of modern vehicles. Applied Intuition serves the automotive, trucking, construction, mining, agriculture, and defense industries and is headquartered in Mountain View, CA, with offices in Ann Arbor and Detroit, MI, Washington, D.C., Munich, Stockholm, Seoul, and Tokyo. Learn more at https://appliedintuition.com.
Photo - https://mma.prnewswire.com/media/2360240/PR_image.jpg
View original content:https://www.prnewswire.co.uk/news-releases/applied-intuition-inc-grows-to-6-billion-valuation-securing-250-million-in-series-e-funding-to-advance-vehicle-software-and-ai-capabilities-302086268.html
