Autonomous vehicle software developer Applied Intuition has completed a secondary sale valued at over $300 million, allowing shareholders and employees to sell stock while enabling venture capitalists to increase their stakes.
This secondary sale follows the companyâs recent Series E funding round in which it raised $250 million, elevating its valuation to $6 billion. The secondary round, which was oversubscribed, saw participation from new investor Fidelity Management and Research Company, as well as existing investors General Catalyst, BOND, Lux Capital, and Elad Gil.
The success of this secondary round highlights the growing prominence of AI companies, particularly those advancing automated and autonomous driving technologies. âApplied Intuition is going full speed ahead and benefiting from the extraordinary confluence of AI, autonomous driving and electrification,â said Peter Ludwig, co-founder and CTO. âEvery customer we meet wants to build future-proof products and looks to us as a mission-critical partner.â
Founded in 2017, Applied Intuition initially developed driving simulators for autonomous vehicle (AV) developers but has since expanded its offerings. The company now provides a suite of software solutions designed to ensure the safety of AV technologies and streamline data analysis from testing. Recent innovations include an off-road autonomy stack, a generative AI tool for rapid simulation scenario creation, and an automated parking development solution.
Applied Intuition claims to have partnerships with 18 of the worldâs top 20 automakers, including recent agreements with Audi and Porsche. The company also collaborates with AV-focused firms such as Gatik, Kodiak Robotics, and Motional.
The new funding will support an expansion of Applied Intuitionâs workforce and product portfolio as it continues to advance in the autonomous driving sector.
