Applied Intuition Secures $250 Million in Series E Funding, Valued at $6 Billion
The investment will enable Applied Intuition to further enhance its suite of tools for accelerating the development and production deployment of generative AI.
Applied Intuition, a leading provider of vehicle software products and AI capabilities, has announced a successful $250 million Series E financing round. The round, led by Lux Capital, Elad Gil, and strategic investor Porsche Investments Management S.A., has propelled the company's valuation to an impressive $6 billion.
With this new infusion of capital, Applied Intuition now boasts over $1 billion to invest in its vehicle software products and the development of new AI capabilities. The company, founded in 2017 with a mission to accelerate the adoption of safe and intelligent machines, has seen sustainable triple-digit growth year-over-year, serving customers across various industries worldwide, including automotive, trucking, construction, mining, agriculture, and defense.
The Series E round saw participation from notable investors, including Andreessen Horowitz, Mary Meeker's growth fund Bond, and Formula 1 world champion Nico Rosberg, among others. With Lux Capital, Elad Gil, and Andreessen Horowitz previously leading funding rounds for Applied Intuition, the latest infusion of capital will fuel the company's ambitious projects while preserving its unique culture.
Applied Intuition's expansion beyond Silicon Valley to locations in Detroit, Washington, D.C., Germany, Korea, and Japan, its global reach and commitment to serving diverse markets. The company's success has been fueled by its innovative approach to generative AI, which has transformative potential in industries such as automotive and autonomy.
The investment will enable Applied Intuition to further enhance its suite of tools for accelerating the development and production deployment of generative AI. Additionally, the company plans to develop its generative models to advance automotive and autonomous industries further.
The company boasts a diverse clientele, counting "18 of the top 20 automakers" among its partners, along with leading autonomous vehicle startups and government agencies such as the Army and Defense Innovation Unit. Peter Ludwig, co-founder and CTO of Applied Intuition, emphasizes the critical role the company plays in tackling the complexities of AV technology.
As the autonomous vehicle industry faces renewed scrutiny, Applied Intuition remains focused on leveraging AI technology to drive innovation and accelerate the development of next-generation vehicles. The company aims to enhance its offerings by incorporating AI into various aspects of its products, including simulation environments and advanced research initiatives.
With AI at the forefront of its strategy, Applied Intuition aims to address the numerous challenges in the automotive industry, leveraging cutting-edge technologies to drive transformative change and shape the future of transportation.
