Applied Intuition, a leading vehicle software provider based in the United States, has successfully secured $250 million in its latest Series E funding round, pushing its valuation to $6 billion. This announcement was made by the company in a statement released on Tuesday.
The financing round was spearheaded by Lux Capital, Elad Gil, and Porsche Investments Management, a subsidiary of the renowned sports car manufacturer. This surge in valuation marks a significant increase from Applied Intuition’s previous round, which valued the company at $3.6 billion towards the end of 2021.
Applied Intuition has outlined its intention to utilize the funds to bolster its investments in generative artificial intelligence, focusing on synthetic data and computing resources to advance AI models across its product spectrum.
Notably, this investment from Porsche represents the first time the startup has garnered funding from automakers, underscoring its collaborative efforts with various original equipment manufacturers.
Lutz Meschke, the Chief Financial Officer of Porsche AG, expressed the company’s commitment to enhancing its expertise in software and customer experience through this partnership.
Established in 2017 and headquartered in Mountain View, California, Applied Intuition specializes in selling software tools tailored for building autonomous systems in vehicles. With a track record of positive cash flow over the years, the company anticipates having approximately $1 billion available for investment post-fundraising, as affirmed by Qasar Younis, the Chief Executive Officer of Applied Intuition.
Younis emphasized the company’s readiness to embark on larger projects in collaboration with partners, citing its strong foundational capabilities to undertake more long-term and strategic initiatives.
Applied Intuition serves a diverse clientele of vehicle manufacturers, including Toyota Motor, Nissan, and LG Electronics, providing them with tools crucial for developing software systems across various vehicle categories, spanning from passenger cars to construction and mining vehicles.
Moreover, the company’s reach extends to the U.S. government, supplying autonomous systems for defense applications. Peter Ludwig, the Chief Technology Officer, noted that while this sector contributes significantly to the company’s revenue stream, it represents less than half of its total revenue.
