MOUNTAIN VIEW, Calif.,
July 25, 2024 /PRNewswire/ -- Applied
Intuition, a Silicon Valley-based vehicle software supplier for
automotive, trucking, construction, mining, agriculture and other
industries, today announced it has closed a secondary round of over
$300 million and welcomes Fidelity
Management & Research Company as a new investor. Existing
investors General Catalyst, BOND, Lux Capital and Elad Gil also participated. As part of the
secondary sale, investors purchased equity from current employees,
former employees, and early investors.
"It's fantastic to have the support of top-tier, long-term
institutional investors," said Qasar Younis, co-founder and CEO of
Applied Intuition. "This secondary round is a testament to our
growth, and it marks our third tender offer with some of our
biggest shareholders — our employees. Recruiting world-class talent
and rewarding them for their hard work is a hallmark of Silicon
Valley's success."
The oversubscribed secondary round comes on the heels of Applied
Intuition raising a $250 million
Series E announced back in March. The Series E funding is being
used to grow Applied Intuition's team and expand the company's
AI-powered product portfolio to continue meeting customer
needs.
"Applied Intuition is going full speed ahead and benefiting from
the extraordinary confluence of AI, autonomous driving, and
electrification," said Peter Ludwig,
co-founder and CTO of Applied Intuition. "Every customer we meet
wants to build future-proof products and looks to us as a
mission-critical partner."
2024 is already shaping up to be another momentous year for
Applied Intuition. The company recently launched an off-road
autonomy stack solution enabling safe navigation of complex
unstructured terrain, a generative AI tool that creates simulation
scenarios up to 40 times faster, a hardware-in-the-loop testing
software and an automated parking development solution. The company
also announced partnerships with Porsche AG and Audi, further
demonstrating automotive OEM trust in the brand.
About Applied Intuition
Applied Intuition is a Tier 1 vehicle software supplier that
accelerates the adoption of safe and intelligent machines
worldwide. Founded in 2017, Applied Intuition delivers the
definitive ADAS/AD toolchain, a world-class vehicle platform and an
autonomy stack to help customers shorten time to market, build
high-quality systems and create next-generation consumer
experiences. Eighteen of the top 20 global automakers trust Applied
Intuition's solutions to drive the production of modern vehicles.
Applied Intuition serves the automotive, trucking, construction,
mining, agriculture and defense industries and is headquartered in
Mountain View, Calif., with
offices in Ann Arbor and
Detroit, Mich., Washington, D.C., Munich, Stockholm, Seoul and Tokyo. Learn more at appliedintuition.com.
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