Wednesday, May 22, 2024

Applied Intuition, Inc. Grows to $6 Billion Valuation, Secures $250 Million in Series E to Advance Automotive Software and AI Capabilities

Applied Intuition, Inc. , a provider of automotive software for the automotive, trucking, construction, mining, agricultural and other industries, has announced a Series E Closed $250 million funding round at a $6 billion valuation. The round was led by Bilal Zuberi of Lux Capital (Series C lead investor), Elad Gil (Series D lead investor) and strategic investor Porsche Investments Management SA. 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 sustained triple-digit percentage growth year over year, and has done so at a profit. The company has expanded beyond its Silicon Valley headquarters to Detroit , Washington, D.C. , Germany, Korea, and Japan , and has customers around the world, including 18 of the top 20 automakers.

“Applied Intuition benefits from generational megatrends such as generative AI, autonomous systems and software-defined vehicles. It’s no wonder the company has built a scalable business and become an indispensable partner to leading automakers and the U.S. military,” said Bilal Zuberi , General Partner at Lux Capital. “Applied Intuition is at the forefront of AI Revolution that will reshape the global transportation industry, and we are excited about the company’s growth and preeminent position in the market. The best proof of this is our enthusiasm to invest in every opportunity in the company’s history.”

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The company will use the funding to make significant investments in generative AI, creating significant value for customers and partners. With recent advances in Large Language Models (LLMs), Applied Intuition is uniquely positioned to help its customers revolutionize the automotive software development process. The company will continue to recruit the world’s best software and AI engineers to further expand its offering, which provides its customers with the world’s most advanced advanced driver assistance systems (ADAS) and automated driving (AD) solutions.

“Consumers expect exclusive and seamless software integration in their vehicles more than ever,” says Lutz Meschke , CFO of Porsche AG. “With this strategic investment and partnership, we want to further strengthen Porsche’s expertise in the areas of software and customer experience. ”

“In recent years, we have seen massive advances in artificial intelligence that will have a game-changing impact on the industries Applied Intuition serves. Our role as a leader in this 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 automotive software products are powered by AI technology to expand our definitive ADAS and AD toolchain, which will exponentially accelerate the production of next-generation vehicles.”

SOURCE: PRNewswire

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