- Applied Intuition secures $250 million in funding round led by Lux Capital, Elad Gil, and Porsche Investments Management.
- Company specializes in software for automakers to develop autonomous vehicle solutions, with 18 of the top 20 automakers as clients.
- Funding highlights growing investor interest in AI technology for sectors like automotive, defense, construction, and agriculture.
Applied Intuition, an autonomous vehicle software company, raised $250 million in a funding round led by Lux Capital, Elad Gil, and Porsche Investments Management. The company provides software for automakers to develop autonomous vehicle solutions, including simulations and data management, and counts 18 of the top 20 automakers as its clients.
What to know: Applied Intuition, an autonomous vehicle software company, has recently secured $250 million in funding, propelling its valuation to an impressive $6 billion. This funding round highlights the growing interest from investors in AI technology, particularly in sectors like automotive, defense, construction, and agriculture. The company has strategically positioned itself to attract venture capitalists seeking startups with AI solutions that cater to industries with substantial budgets, such as defense. The Series E funding was led by Lux Capital, Elad Gil, and Porsche Investments Management, among others, indicating strong support from key players in the investment landscape.
Deeper details: Founded in 2017, Applied Intuition specializes in developing software for automakers and other companies involved in autonomous vehicle technology. Their software enables customers to create simulations for testing perception and vehicle behavior systems, as well as managing the vast amounts of data required for AV development. The company's focus on providing comprehensive solutions has garnered partnerships with 18 of the top 20 automakers, including industry giants like General Motors, Toyota, and Volkswagen, as well as emerging AV startups like Gatik, Motional, and Kodiak.
The backstory: The recent funding injection received by Applied Intuition will be channeled towards ambitious projects aimed at further enhancing their AI capabilities. Co-founder and CEO Qasar Younis emphasized the company's commitment to innovation while maintaining its core values and culture. By leveraging AI technology, Applied Intuition aims to accelerate the development of next-generation vehicles by introducing more dynamic simulated environments for testing purposes.
