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Autonomous Vehicle Startup Applied Intuition Hits $6B Valuation After $250M Series E

Mar 12, 2024 - news.crunchbase.com
Autonomous vehicle software developer, Applied Intuition, has raised $250 million in a Series E funding round, increasing the company's valuation to $6 billion. This represents a 67% increase from its previous round. The round was led by Lux Capital, Elad Gil, and Porsche Investments Management, with participation from Andreessen Horowitz, General Catalyst, BOND, and Human Capital. Despite a decline in venture funding for autonomous vehicle-related startups, Applied Intuition has seen profitable, triple-digit percentage growth year on year and works with 18 of the top 20 automotive original equipment manufacturers.

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.
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