Applied Intuition Secures $600 Million in Funding, Valuation Reaches $15 Billion

Applied Intuition Secures $600 Million in Funding, Valuation Reaches $15 Billion

In a significant boost for the artificial intelligence sector, Applied Intuition, a company specializing in autonomous systems software, has successfully raised $600 million in its Series F funding round. This latest funding elevates the company's valuation to $15 billion, more than doubling its previous valuation of $6 billion from just over a year ago during its Series E round.

The funding round was co-led by BlackRock and Kleiner Perkins, reflecting strong investor confidence in Applied Intuition's role as a key player in developing safe and intelligent software for the next generation of vehicles and machinery. This marks the third major funding event for the company in less than 18 months, following a $250 million Series E round in March 2024 and a $300 million secondary offering.

Investor Confidence and Future Growth

The diverse group of investors participating in this round includes notable names such as Franklin Templeton, the Qatar Investment Authority, and the Abu Dhabi Investment Council, alongside existing backers like Fidelity Management & Research Company and General Catalyst. The funds raised will be directed towards enhancing product development in vehicle intelligence, expanding the global workforce, and scaling investments to integrate AI into various moving machines.

Founded in 2017 and based in Mountain View, California, Applied Intuition provides essential software that enables companies to safely develop, test, and deploy autonomous vehicles and advanced driver-assistance systems (ADAS). The company has developed a sophisticated simulation platform that allows engineers to test autonomous systems in a virtual environment, running billions of virtual driving miles to validate safety and performance.

Market Position and Strategic Partnerships

Applied Intuition has established a strong presence in the automotive industry, with 18 of the top 20 global automakers as clients. The company has formed strategic partnerships with major automotive brands, including Porsche and Audi, and is collaborating with the TRATON GROUP to accelerate the development of software-defined trucks. Furthermore, Applied Intuition is expanding its reach into sectors such as trucking, construction, mining, agriculture, and defense, recently securing contracts with the U.S. Army.

The company’s mission, articulated by co-founder and CEO Qasar Younis, is to connect AI with the physical world, targeting industries with moving machines. With projections indicating significant growth in the autonomous vehicle development platform market, Applied Intuition is positioning itself as a foundational technology provider in this evolving landscape.

Conclusion

The successful closure of this funding round solidifies Applied Intuition's status as a leader in the autonomous driving sector and the broader AI industry. With a fortified balance sheet and an expanding network of partners, the company is well-equipped to drive the adoption of safe and intelligent machines across various domains.