Developer of AI Tech for Self-Driving Vehicles Valued at $6B

Applied Intuition, an autonomous vehicle software developer, has closed its latest funding round with $250 million to bring its AI-enabled tech to vehicles across the automotive, construction, defense and agricultural sectors.

The series E round was led by Lux Capital’s Bilal Zuberi, Porsche Investments Management, and independent investor Elad Gil. Additional funds came from several independent investors including DeepMind’s founder Mustafa Suleyman and Formula 1 world champion Nico Rosberg. 

The funding brings Applied Intuition’s value to $6 billion.

The company’s software leverages AI and large language models to “transform” vehicles’ performance and operation, mining vehicle data to inform product developments and operational improvements. 

This data is also used to develop the “world’s most advanced” driver-assistance systems (ADAS) and automated driving (AD) solutions, Applied Intuition said.

The company plans to use its latest investment to further develop its AI models to “advance the automotive and autonomy industries.”

“Within the last few years, we’ve seen massive advances in AI that will have groundbreaking impacts on the industries that Applied Intuition serves,” said Qasar Younis, Applied Intuition’s CEO. “Our industry-leading vehicle software products will infuse AI technology to expand beyond our definitive ADAS and AD toolchain, which will exponentially accelerate the production of next-generation vehicles.”

Founded in Silicon Valley in 2017, the company has expanded to serve businesses in Washington, D.C., Germany, Korea, and Japan, providing AI software to power smart vehicles across industries. 

Applied Intuition’s current customers include the U.S. Army and Air Force and has been chosen to provide software development for products including robotic combat vehicles and sensor arrays.

“Applied Intuition benefits from generational megatrends including generative AI, autonomous systems, and software-defined vehicles,” said Bilal Zuberi, Lux Capital’s general partner. “It is no wonder the company has built a scalable business and become an indispensable partner to top automotive OEMs and the U.S. military. 

“Applied Intuition is at the forefront of the AI revolution to transform the global transportation industry, and we are excited by its growth and distinctive position in the market.”

Alongside news of the funding round, Porsche was also announced as Applied Intuition’s first OEM investor.

“More than ever, consumers expect exclusive and seamless software integration in their cars,” said Lutz Meschke, CFO at Porsche AG. “With this strategic investment and partnership, we want to further strengthen Porsche’s expertise in the field of software and customer experience.”

This story first appeared in AI Business' sister publication IoT World Today.