Autonomous Vehicle Startup Applied Intuition Hits $6B Valuation After $250M Series E

Autonomous vehicle software developer Applied Intuition 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 Lux Capital, Elad Gil and strategic investor Porsche Investments Management. It also included participation from other new and existing investors including Andreessen Horowitz, General Catalyst, BOND and Human Capital.

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, per Crunchbase data.

The drop has come amid numerous setbacks for the industry. Just last month, Apple unceremoniously shuttered its autonomous electric car initiative after a decade of work.

Late last year, Cruise 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, Ford Motor-backed autonomous vehicle startup Argo AI shuttered after raising $3.6 billion in funding from investors such as Ford Motor, Volkswagen Group and Lyft.

Founded in 2017, Applied Intuition has now raised more than $600 million, per Crunchbase.