Applied Intuition, a prominent U.S.-based vehicle software supplier, has secured $250 million in its latest Series E funding round.
The infusion of capital propels the company’s valuation to an impressive $6 billion.
Lux Capital, Elad Gil, and Porsche Investments Management, a subsidiary of the renowned sports car manufacturer, spearheaded the financing, underscoring a notable surge in valuation from Applied Intuition’s previous round which stood at $3.6 billion in late 2021, Reuters news report said.
This investment thrust aims to foster the development of advanced AI models across a spectrum of products. Notably, the infusion from Porsche marks a pivotal moment as it represents the first instance of financial backing from automakers for the startup, which has established collaborations with various original equipment manufacturers.
Lutz Meschke, Porsche AG’s Chief Financial Officer, articulated the company’s commitment to fortifying its prowess in software development and enhancing customer experience.
Founded in 2017, Applied Intuition has carved a niche for itself in the realm of autonomous systems for vehicles, offering software tools. The company boasts a track record of sustained profitability.
Qasar Younis, Chief Executive Officer at Applied Intuition, disclosed that the company anticipates $1 billion in investable capital following the successful fund-raising.
Applied Intuition caters to an array of vehicle manufacturers including Toyota Motor, Nissan, and LG Electronics, providing tools for software development spanning passenger cars, construction, and mining vehicles.
