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Applied Intuition Inc. with an Office in Royal Oak Raises $250M as Part of Growth Plan

Posted By: DBUSINESS on March 18, 2024.  For more information, please click here to read the source article.

Applied Intuition Inc., a vehicle software supplier for automotive, trucking, construction, mining, agriculture, and other industries with offices in Royal Oak, has raised a $250 million Series E financing round, giving the company an estimated value of $6 billion.

“Applied Intuition benefits from generational megatrends including generative AI, autonomous systems, and software-defined vehicles,” says Bilal Zuberi, general partner at Lux Capital in New York City.

“It is no wonder the company has built a scalable business and become an indispensable partner to top automotive OEMs and the U.S. military. Applied Intuition is at the forefront of the AI revolution to transform the global transportation industry, and we are excited by its growth and distinctive position in the market.”

The company will use the financing to make investments in generative AI technology. With recent advancements in large language models (LLMs), Applied Intuition can develop ways to help its customers improve the vehicle software development process.

The investments will also help the company recruit software and AI engineers to further expand its offerings. The goal is to enable its customers to have the world’s most advanced driver-assistance systems (ADAS) and automated driving (AD) solutions.

The round was led by Bilal Zuberi at Lux Capital, Elad Gil, and strategic investor Porsche Investments Management S.A. representing the sports car manufacturer from Stuttgart-Zuffenhausen.

Other Applied Intuition investors include Andreessen Horowitz, General Catalys, Mary Meeker at BOND, Human Capital, Henry Kravis, Mustafa Suleyman, Ray Dalio, John Quinn, and Nico Rosberg.

According to Applied Intuition, it has maintained sustainable triple-digit percentage growth year-over-year, profitably. Besides its headquarters in Silicon Valley and offices in Royal Oak, the company now has offices in Washington, D.C., Germany, Korea, and Japan to serve its customers worldwide, including 18 of the top 20 automotive OEMs.

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