Silicon Valley-based vehicle software supplier Applied Intuition has closed a secondary round of over US$300m and welcomed 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 US$250m 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 futureproof products and looks to us as a mission-critical partner.”
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, hardware-in-the-loop testing software and an automated parking development solution. It has also announced partnerships with Porsche and Audi, further demonstrating automotive OEMs’ trust in the brand.