Applied Intuition, a leading developer of autonomous vehicle software, has successfully locked in a staggering $250 million in Series E funding.
In a remarkable surge of investor confidence, Applied Intuition, a leading developer of autonomous vehicle software, has successfully locked in a staggering $250 million in Series E funding. This latest injection of capital propels the company’s valuation to a towering $6 billion, marking a remarkable 67% surge in value compared to its previous funding round.
The Series E financing, spearheaded by Lux Capital, Elad Gil, and strategic investor Porsche Investments Management, underscores a resounding vote of confidence in Applied Intuition’s pioneering technology. The funding round also saw enthusiastic participation from a consortium of both new and existing investors, including big names such as Andreessen Horowitz, General Catalyst, BOND, and Human Capital.
Headquartered in the heart of innovation in Mountain View, California, Applied Intuition specializes in the development of cutting-edge software tailored for a diverse array of industries, including automotive, trucking, construction, and mining. Central to its operations is the deployment of generative AI, empowering clients to craft sophisticated driver-assistance systems and automated driving solutions with unprecedented efficiency and efficacy.
Applied Intuition boasts a formidable track record, with collaborations spanning across 18 of the top 20 automotive original equipment manufacturers. Notably, the company has achieved remarkable financial growth, with triple-digit percentage gains year-over-year, cementing its status as a formidable player in the burgeoning autonomous vehicle sector.
Despite a prevailing trend of declining venture funding within the autonomous vehicle landscape, Applied Intuition’s latest funding coup serves as a beacon of resilience and optimism. Data from Crunchbase reveals a stark downturn in investment activity, with total funding for autonomous driving startups plummeting to less than $5 billion last year—the lowest figure recorded since 2017.
This downturn has been punctuated by a series of high-profile setbacks within the industry. In a stunning development, tech titan Apple recently announced the abrupt termination of its autonomous electric car initiative, marking the culmination of a decade-long endeavor fraught with challenges.
Similarly, Cruise, a prominent player in the self-driving taxi realm, found itself mired in controversy after suspending operations nationwide following the revocation of its operating permit in San Francisco, following a pedestrian-related incident.
The tumultuous landscape also claimed casualties in the form of Argo AI, a Ford Motor-backed autonomous vehicle startup, which shuttered its operations in 2022 despite amassing a staggering $3.6 billion in funding from heavyweights such as Ford Motor, Volkswagen Group, and Lyft.
Since its inception in 2017, Applied Intuition has emerged as a standout performer within the autonomous vehicle sphere, having amassed an impressive funding tally exceeding $600 million, according to Crunchbase data. This latest funding round not only underscores the company’s financial prowess but also reaffirms its pivotal role in driving innovation within the rapidly evolving landscape of autonomous transportation.