The company's previous funding round was a $175 million Series D, co-led by Elad Gil, Addition, and Coatue Management, which valued the company at $3.6 billion. The increase in funding comes despite a decline in the autonomous vehicle sector, with startups raising less than $5 billion last year, the lowest total since 2017. Despite setbacks in the industry, including Apple shutting down its autonomous electric car initiative and Cruise suspending its self-driving taxi program, Applied Intuition has raised over $600 million since its founding in 2017.
Key takeaways:
- Applied Intuition, an autonomous vehicle software developer, has secured $250 million in a Series E funding round, raising the company's valuation to $6 billion.
- The funding round was led by Lux Capital, Elad Gil, and Porsche Investments Management, with participation from Andreessen Horowitz, General Catalyst, BOND, and Human Capital among others.
- The company, which works with 18 of the top 20 automotive original equipment manufacturers, uses generative AI to develop software for driver-assistance systems and automated driving solutions.
- This funding comes despite a decline in venture funding for autonomous vehicle-related startups, with the sector raising less than $5 billion last year, the lowest since 2017.