Aussie EV start-up bags $21m funding from Suzuki

Suzuki has purchased a stake in the company, which focuses on self-driving software

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Suzuki has invested $21 million (£17.9m) into an Australian start-up specialising in electric vehicle (EV) software.

Applied EV has developed a software to be used in autonomous electric cars; letting the vehicles run purely on software – cutting components and production costs, it claims.

Suzuki has taken a stake in the company, which now means it is valued at $170 million (£145m).

The Japanese car giant is looking to implement Applied EV’s software, called Digital Backbone, into its next ranges of vehicles – making them easier to use and cheaper to build.

Suzuki is interested in manufacturing far more self-driving electric cars and other forms of transport for the market – and will now have access to the software for direct testing and collaboration.

On the investment, Applied EV’s CEO Julian Broadbent said: “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.”