Autonomous vehicle software developer locked up a $250 million Series E valuing the company at a $6 billion — a 67% uptick in value from its previous round.
The deal comes even as venture funding for autonomous vehicle-related startups has been in decline in recent years.
The new round was led by , and strategic investor Investments Management. It also included participation from other new and existing investors including , , and .
The Mountain View, California-based startup develops software for the automotive, trucking, construction, mining and other industries. The company leverages generative AI in developing software to help customers create driver-assistance systems and automated driving solutions.
Applied Intuition said it currently works with 18 of the top 20 automotive original equipment manufacturers and has achieved profitable, triple-digit percentage growth year to year.
Up round among declining AV investment
The round marks a significant increase in the company’s value. Applied Intuition last raised a $175 million Series D round co-led by Elad Gil, Addition, and Coatue Management at a $3.6 billion valuation.
The up round comes despite venture funding in the autonomous vehicle overall declining. Last year, autonomous driving startups raised less than $5 billion — the lowest funding total to the sector since 2017, .
The drop has come amid numerous setbacks for the industry. Just last month, unceremoniously shuttered its autonomous electric car initiative after a decade of work.Â
Late last year, announced it will suspend its self-driving taxi program across the country after losing its permit to operate in San Francisco due to an incident with a pedestrian.
And in 2022, -backed autonomous vehicle startup shuttered after raising $3.6 billion in funding from investors such as Ford Motor, and .
Founded in 2017, Applied Intuition has now raised more than $600 million, per Crunchbase.
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