Deal of the week If you’re looking for yet another example of investor enthusiasm for AI just take a look at the latest fundraise over at autonomous vehicle software company Applied Intuition. The company raised $250 million in a round that sent its valuation up to $6 billion and included a who’s who of high-profile investors. The Series E round was led by Lux Capital’s Bilal Zuberi, investor Elad Gil, and Porsche Investments Management, the sports car maker’s independent venture arm. Others joining the round were Andreessen Horowitz, Mary Meeker’s growth fund Bond and even Formula 1 world champion Nico Rosberg. Applied Intuition says it is pushing to bring more artificial intelligence to the automotive, defense, construction and agriculture sectors. As reporter Sean O’Kane wrote, the company appears to have nailed a particular sweet spot for VCs who are on the hunt for startups with AI products that cross into large industries with big budgets — defense being one hot area — with seemingly endless opportunities. Other deals that got my attention … Anaphite, a battery technology startup, raised £1.6 million ($2 million)via a government-backed grant investment led by Elbow Beach Capital. inDrive, a mobility app that includes ride-hailing and other urban services, expanded its financing arrangement with General Catalyst to $300 million, up from the initial $150 million secured in 2023. Joyride, a micromobility software provider, raised $5.2 million in Series A funding round led by Yamaha Motors and includes returning investments from Urban Innovation Fund, Proeza Ventures, Two Small Fish Ventures and Export Development Canada (EDC). Motional, the autonomous vehicle technology startup Motional, secured a bridge loan that provides a temporary financial reprieve as the company searches for a longer-term source of funding, TechCrunch exclusively learned. Telo, the electric vehicle startup aiming to produce a pint-sized pickup truck, raised $5.4 million in a round from Neo and Spero Ventures. Marc Tarpenning, a Spero venture partner and Tesla co-founder, will be joining the board. Volvo Car invested an undisclosed amount into UK startup Breathe Battery Technologies. Volvo plans to integrate the startup’s battery management software into its next generation of electric vehicles to improve charging time by 30%. |
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