Autonomous vehicle software developer Applied Intuition has secured a $250 million Series E funding round, leading to a valuation of $6 billion, marking a 67% increase from its previous round. The funding was led by Lux Capital, Elad Gil, and strategic investor Porsche Investments Management, with participation from other new and existing investors including Andreessen Horowitz, General Catalyst, BOND, and Human Capital.
Based in Mountain View, California, Applied Intuition specializes in developing software for various industries, including automotive, trucking, construction, and mining. The company utilizes generative AI to create driver-assistance systems and automated driving solutions, and currently collaborates with 18 of the top 20 automotive original equipment manufacturers, experiencing profitable triple-digit percentage growth year over year.
Despite a decline in venture funding for autonomous vehicle-related startups in recent years, Applied Intuition’s Series E funding marks a significant increase in the company’s value. The autonomous driving sector saw a decrease in funding, with startups raising less than $5 billion last year, the lowest since 2017. This decline is attributed to setbacks within the industry, such as Apple’s discontinuation of its autonomous electric car initiative, Cruise suspending its self-driving taxi program, and the closure of Ford Motor-backed autonomous vehicle startup Argo AI.
Established in 2017, Applied Intuition has now raised over $600 million, according to Crunchbase data.
