(Reuters) – U.S.-based vehicle software supplier Applied Intuition has raised $250 million in its latest Series E funding round, valuing it at $6 billion, the company said in a statement on Tuesday.
The financing was led by Bilal Zuberi, general partner at Lux Capital, angel investor Elad Gil, and Porsche Investments Management, the sports car manufacturer’s independent subsidiary, the company said.
The company said it aims to use the financing to make investments in generative artificial intelligence (AI).
“We want to further strengthen Porsche’s expertise in the field of software and customer experience,” Lutz Meschke, Porsche AG’s chief financial officer said in a statement.
The company’s customer base includes Toyota Motor, Nissan, and LG Electronics among others, who use its services for the development of various software systems, according to its website.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Varun H K)
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