Swedish startup Einride, a cargo and freight company that designs and builds technologies for transportation systems, raised US$ 110 million to help fund its expansion in Europe and into the United States. Einride is known for its unusual-looking electric and autonomous pods.
Investors: New investors Temasek, Soros Fund Management LLC, Northzone and Maersk Growth, and existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson and NordicNinja VC. This Series B round far exceeds the previous raises of US$ 10 million in 2020 and US$ 25 million in 2019. Einride has raised US$150 million to date.
Purpose of the funding: The funds raised will be utilized by the company to fulfil its current customer contracts, double its 100-person workforce by the end of 2021 and expand in Europe and into the United States.
About Einride
Founded in 2016 by Robert Falck, Linnéa Kornehed and Filip Lilja, Einride is a freight mobility company that designs and builds technologies for transportation systems. It aims to take logistics in a new direction with intelligent freight mobility solutions that are both autonomous and electric for shippers and carriers. It claims to have built the first fully electric, totally autonomous transport vehicle to operate on a public road in the world. Its remote monitoring and operation capability, allows operators to oversee and control the Pod on-demand, with no need for a human driver on board.
Einride has two kinds of vehicles: connected, electric heavy trucks driven by humans and its driverless Pods. It also provides services like planning, scheduling, and routing capabilities. Its app brings billing and invoices under one roof. Drivers get a tailored app with live vehicle insights and updates to routes or schedules to maximize efficiency.
Einride claims that its electric trucks reduce emissions for its customers by 94% compared to driving with diesel. Einride has also developed a digital platform for carriers that handles planning, scheduling and routing as well as invoices and billing.
Einride will launch its operations in the U.S. before the end of the year. It will also set up a headquarter in Austin, Texas, and additional offices in New York and Silicon Valley.
Einride is working on its long-term goal of rolling out commercial driverless Pods. Its new Pods will be available with differing levels of autonomy and functionality based on its internal Autonomous Electric Transport (AET) classification system, which ranges from levels 1 to 5. Einride has said that its Levels 3 and 4 will be ready to be shipped in 2022 and 2023.
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