Autonomous vehicle software startup, Applied Intuition, has raised $250m in a funding round that values the company at $6bn.
Applied Intuition, founded in 2017, creates AI-powered software that automakers and other companies use to develop autonomous vehicle solutions.
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The funding, co-led by Porsche Investments Management, comes as autonomous vehicle software is gaining significant investment traction, especially AI.
The company has maintained sustainable triple-digit percentage growth year-over-year, profitably. It has also expanded beyond its Silicon Valley headquarters to Germany and Korea.
Applied Intuition claims to work with 18 of the top 20 automotive original equipment manufacturers.
Co-founder and CEO Qasar Younis said in a statement that building more AI technology into products will “exponentially accelerate the production of next-generation vehicles.”
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By GlobalData“Within the last few years, we’ve seen massive advances in AI that will have groundbreaking impacts on the industries that Applied Intuition serves,” Younis said.
“Our role as a leader in the ecosystem is to bring the best of what Silicon Valley has to offer to our global customer base,” he added.
Applied Intuition said it was uniquely positioned to help its customers revolutionise the vehicle software development process due to the recent advancements in AI large language models.
General Motors, Magna and Wipro recently announced a joint venture to create a sales platform to buy and sell automotive software.
The SDVerse will link buyers and sellers on a digital platform featuring hundreds of automotive software products, according to the companies.
The new automotive software platform is currently in its development stage. Still, the trio of companies have already promised hundreds of participants from across the industry will be involved.
The news comes as the value of AV deals in the US have failed to reach the heights of 2021, according to GlobalData’s deal database.
In 2023, the value of US AV deals totalled just over $10m, marking a significantly lower total than 2021, which saw the value of deals total $48.2m.
This was an increase over the year prior, which saw the value of US deals total $26.6m.
The fall in value of US AV deals signals an end to the hype which grew throughout the 2010s, as AV companies battle a number of hurdles to get their vehicles on the road.
According to GlobalData's Thematic Research: Autonomous Vehicles (2023) report, the US, China, some European countries, and smaller countries that have taken a highly supportive stance toward AVs will occupy leading positions in the future of AVs.
