Applied EV closes $21M raise led by Suzuki

Automotive technology company Applied EV has closed the first tranche of a funding round, raising $21 million, with its valuation now reaching $170 million. 

Applied EV is an Australian technology company and their core product known as the Digital Backbone (DBB), a purpose-built, software-defined vehicle control system that enables vehicles of all shapes and sizes to run on software, is a world-first for the industry at large.

This process simplifies vehicle architecture, removes hundreds of components, reduces production costs, increases efficiency, and makes the entire ecosystem more sustainable, the company claims.

Automotive company Suzuki has taken a strategic stake in the company with St Baker Energy and Innovation Fund as significant investors in this round.

Suzuki's strategic investment in and long-term alliance with Applied EV is set to accelerate the software development for next generation mobility and design today’s EV solutions with future autonomous operations in mind.

Applied EV's Digital Backbone can improve Suzuki’s vehicle’s feature set and reduce hardware complexity, making their products cheaper to manufacture. The safety-rated Digital Backbone is expected to accelerate Suzuki's transition to the production of electric vehicles and autonomous transport.

Julian Broadbent, Applied EV co-founder and CEO said the alliance is mutually beneficial as it brings together Applied EV’s innovative technology with Suzuki’s experience in building high-quality and efficient vehicles.

“Suzuki is a highly respected automotive company, delivering millions of vehicles to customers globally. With over 100 years of expertise, strong values, and a huge market, we’re excited to see what the future will hold,” he said.

Suzuki entered into an agreement with Applied EV in September 2021 and has since been evaluating the possibility of future collaboration. 

Applied EV's Blanc Robot, a cabinless, driverless vehicle, is powered by the DBB. The company claims that it is a turn-key solution for commercial and logistics customers.

According to a spokesperson, investors will have the opportunity to top up their investment in six months when the second tranche of the capital raise opens.