In a press release on July 25, Applied Intuition, a software supplier specializing in vehicle software for various industries including automotive, trucking, construction, mining and agriculture, has announced the closure of a secondary funding round exceeding $300 million. This round introduced Fidelity Management & Research Co. as a new investor and saw continued participation from existing investors such as General Catalyst, Bond, Lux Capital and Elad Gil. Notably, the round involved the sale of equity from both current and former employees, as well as early investors, to the investors.
The company's CEO and Co-founder Qasar Younis expressed enthusiasm over the support from esteemed long-term institutional investors, highlighting this funding round as a testament to the company's growth and its emphasis on rewarding its employees, which he considers a cornerstone of Silicon Valley's success. This funding round follows a $250 million Series-E round announced earlier in March, aimed at expanding the company's team and its AI-powered product offerings.
Co-founder and Chief Technology Officer Peter Ludwig emphasized the company's momentum, fueled by the burgeoning fields of AI, autonomous driving and electrification, noting the company's role as a critical partner for clients aiming to create future-proof products. In a bid to further solidify its market position, Applied Intuition recently introduced several new products and announced significant partnerships with automotive giants Porsche AG and Audi. These developments underscore the company's innovative thrust in autonomous driving technology and its growing trust within the automotive industry.
