Germany-based FERNRIDE, an autonomous trucking innovator, announced on Wednesday that it has raised an additional €17.75M to close its Series A round of funding at €46.71M.
FERNRIDE says this funding boost will support its mission to advance automated and sustainable logistics through human-machine collaboration technology. It has also further solidified the company’s position in autonomous, electric trucking and driving growth.
Hendrik Kramer, co-founder and CEO of FERNRIDE, says, “By closing our Series A at $50M (€46.71M), we have established an investor base consisting of multiple corporates and large venture funds that can provide us many key strategic advantages along the value chain, as well as fund our ambitious growth plans to build the global category leader for autonomous, electric trucking.”
An Innovative approach to autonomy
FERNRIDE’s innovative human-assisted approach to autonomy addresses key industry logistics challenges and enhances the economic viability of its solution. This strategy immediately delivers the benefits of reliable driverless operations to customers.
The startup has already formed partnerships with industry leaders like Volkswagen, DB Schenker, and HHLA. The company also says it will utilise the fresh funds to expand its global operations, which is expected to be beneficial for both existing and new customers.
Additionally, FERNRIDE plans to advance the development of its distinctive human-assisted autonomy approach. This is one of the company’s ways to strengthen its position and further lead the way towards a new era of autonomous logistics.
High investor interest
Driven by heightened investor interest, FERNRIDE’s additional Series A funding round swiftly follows the initial announcement. New investors include Germany’s Deep Tech and Climate Fonds (DTCF), a €931B venture fund established through Germany’s “Future Fonds” and the ERP special fund.
San Francisco-based Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld, who has assumed the role of chairman on FERNRIDE’s board, also joined as investors. The newcomers joined an already impressive roster of venture capital backers, including 10x Founders, Promus Ventures, Fly Ventures, Speedinvest, and Push Venture, as well as other corporate investors such as HHLA Next, DB Schenker via Schenker Ventures, and Krone.
Dr Elisabeth Schrey of DTCF says, “FERNRIDE’s use of pioneering technologies that automate and decarbonise the supply chain fits very well into the Deep Tech and Climate Fonds investment focus.”
“By starting with teleoperations that initially keeps a human in the loop, we believe FERNRIDE’s step-by-step approach is the optimal path towards building fully autonomous capabilities,” Davis says.
“FERNRIDE has already demonstrated its ability to partner with key players in the industry and is positioned to rapidly build on its unique strengths and capabilities to succeed where others in the market have fallen short,” he adds.
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