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Investing.com -- Applied Intuition Inc. has secured $600 million in new funding, more than doubling its valuation to $15 billion from $6 billion last year.
The autonomous vehicle technology company plans to announce the financing on Tuesday. BlackRock-managed funds and venture capital firm Kleiner Perkins co-led the investment round. Franklin Templeton, Qatar Investment Authority, Lux Capital, BOND, and General Catalyst also participated as investors.
Applied Intuition develops technology for autonomous vehicles, drones, and other applications. The company works with 18 of the world’s largest automotive businesses to integrate its technology into vehicle dashboards, including partnerships with Volkswagen AG (OTC:VWAGY) and Toyota Motor (NYSE:TM) Corp.
The startup claims its tools make driving safer. Applied Intuition also recently announced a partnership with OpenAI, though specific details about this collaboration were not provided in the announcement.
This funding round represents a major milestone for the company as it continues to expand its presence in the autonomous vehicle technology sector.
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