Applied Intuition Closes Over $300M in Secondary Round and Welcomes New Investor Fidelity Management & Research Company
MOUNTAIN VIEW, Calif., July 26, 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.
SOURCE Applied Intuition
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