The funding brings Applied Intuition to a $3.6B valuation — the company was last valued at $1.25B in October 2020. Here are the top-line bullets you need to know.
Applied Intuition, a provider of autonomous vehicle development tools, has raised $175M in a Series D round. The round drew participation from Andreessen Horowitz, General Catalyst, Lux Capital, Coatue Management, and Addition, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Applied Intuition develops simulation software that helps automakers develop autonomous vehicles at scale.
- Its clients include Toyota, Daimler, Torc, and General Motors.
- The company has reportedly tripled its valuation and doubled its headcount over the past year.
- Headquartered in Silicon Valley, the company also has offices in Los Angeles, Detroit, Munich, Seoul, and Tokyo.
Source: Applied Intuition
WHY DOES THE MARKET MATTER?
- The global advanced driver assistance system market is expected to grow at a CAGR of 18.8% and reach a value of $77.8B by 2027, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.