In the latest development, Einride, the Swedish autonomous, all-electric transport provider has raised $25 million (approx €22 million) in a Series A round. The investment was co-led by the EQT Ventures fund, NordicNinja VC, Honda, Omron, and the Japan Bank for International Cooperation (JBIC).
Robert Falck, CEO & founder of Einride, said:
We are proud to have such a strong line-up of international investors joining Einride as shareholders. Their support and combined experience will help us to continue delivering new commercial milestones and technological breakthroughs, transforming road freight transport as we know it, making it more efficient, safe, and sustainable.
Other investors, including Ericsson Ventures, Norrsken Foundation, Plum Alley Investments, and Plug and Play Ventures. The company intends to use this funding to develop its software platform as well as further international expansion.
Mr. Falck commented further:
Our ambition is to disrupt the transport industry, and closing our series A brings us one step closer to that goal. The funding will allow us to start expanding in the US, deliver on our technology road map, and to meet rapidly increasing customer demand.
If you are unaware, the Stockholm-based company was founded in 2016 by Robert Falck, Linnéa Kornehed, and Filip Lilja. Einride is a cargo and freight company that designs and builds technologies for transportation systems.
Back in 2018, the company joined forces with logistics company DB Schenker to start a commercial installation of an all-electric, autonomous truck, at a DB Schenker facility in Sweden.
Notably, Einride pod became the world’s first autonomous, all-electric truck to operate a commercial flow for DB Schenker with a permit on the public road earlier this year. It’s worth mentioning here that Einride Pods are autonomous, all-electric transport vehicles equipped with specialized modular trailers for pallets, timber, perishable goods, and others.
Marek Kiisa, the Managing Partner of NordicNinja VC, said:
Einride’s solution in transportation solves the environmental, safety, and workforce problems that have haunted the industry for years. Moreover, their fleet system has a unique potential to make long-distance ground transport as reliable as water. This is truly revolutionary.
Main image credit: Einride
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