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- Applied Intuition, Inc. Reaches $6 Billion Valuation and Secures $250 Million Series E Financing to Develop Vehicle Software and Artificial Intelligence Capabilities
MOUNTAIN VIEW, California, March 12, 2024/PRNewswire/ -- Applied Intuition, Inc., a provider of software for automotive vehicles, trucks, construction, mining, agriculture and other sectors, has raised a Series E financing round of $250 million at a $6 billion valuation. The round was led by Lux Capital's Bilal Zuberi (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 (Lead Series A Investor), General Catalyst (Lead Series B 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 around the world, including 18 of the top 20 automotive original equipment manufacturers.
"Applied Intuition is benefiting from generational megatrends such as generative AI, autonomous systems and software-defined vehicles. It is no surprise that the company has built a scalable business and become an indispensable partner of leading OEMs automotive and military industries," 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 about its growth and distinctive position in the market. The best proof is our enthusiasm to invest in every opportunity in the history of the company".
The company will use the funding to make significant investments in generative AI to unlock substantial value for customers and partners. With recent advances in large language models (LLM), Applied Intuition is uniquely positioned to help its customers revolutionize the vehicle software development process. The company will continue to hire the world's best software and AI engineers to continue expanding its offering, and enable its customers to have the most advanced driver assistance systems (ADAS) and automated driving (AD) solutions in the world.
"More than ever, consumers expect unique and seamless software integration into their cars," explained Lutz Meschke, CFO of Porsche AG. "With this strategic investment and this partnership we want to further strengthen Porsche's expertise in the field of software and customer experience."
"In recent years, we have seen tremendous advances in artificial intelligence that will have revolutionary impacts on the industries Applied Intuition serves. Our role as ecosystem leaders is to bring the best of Silicon Valley to our global customer base," commented Qasar Younis, CEO and co-founder of Applied Intuition. "Our industry-leading vehicle software products will infuse AI technology to expand beyond our ultimate ADAS and AD toolchain, exponentially accelerating production of next-generation vehicles."
About Applied IntuitionApplied Intuition is a premier vehicle software provider that accelerates the adoption of safe, intelligent machines around the world. Founded in 2017, Applied Intuition provides the ultimate ADAS and AD toolchain to deliver high-quality systems and shorten time to market. 18 of the world's top 20 automakers rely on Applied Intuition's end-to-end solutions to drive modern vehicle production. Applied Intuition serves the automotive, trucking, construction, mining, agriculture and defense industries and is headquartered in Mountain View, California, with offices in Ann Arbor and Detroit, MI, Washington, D.C., Munich, Stockholm, Seoul and Tokyo. More information available at https://appliedintuition.com.
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