Autonomous vehicle startup Einride raises $25Mn in Series A funding
By Akshay Kedari  Date: 2019-10-12

Autonomous vehicle startup Einride raises $25Mn in Series A funding

As electric vehicles are taking the automobile industry by storm, autonomous vehicles are now set to become a new benchmark for many automakers. The technology is believed to hold great significance in the trucking industry and has effectively attracted numerous investments in recent years. 

Einride, a Swedish autonomous vehicle startup renowned for its hi-tech vehicle designs, has reportedly raised $25 million in a Series A funding round that will be used to fund its expansion into the United States.

Sources close to the funding claim that the round was co-led by NordicNinja VC and EQT Ventures, while a fund was backed by Panasonic, Omron, Honda, and JBIC. Investors such as Norrsken Foundation, Plum Alley Investments, Ericsson Ventures, and Plug and Play Ventures also participated in the round.

According to Robert Falck, Co-Founder and CEO, Einride, their firm’s ambition is to disrupt the transport industry and bagging this investment in a Series A funding brings them closer to that vision. Falck added that investment will help their firm expand in the U.S., deliver on its road map, and meet rapidly growing customer demand.

For the record, Einride has raised $32 million till date. The company’s self-driving vehicle are designed to perform freight-hauling tasks, whereas its T-Pod electric vehicle, unveiled in 2017, is currently being used on public roads.

The company has also recently operated an autonomous electric truck on a short public route in Sweden between a shipping terminal and a warehouse.

Apparently, Einride has bagged several customer contracts which includes ones from supermarket chain Lidl and logistics provider DB Schenker. It has a commercial trial with DB Schenker and claims to have signed up with many U.S.-based retail firms.

Sources cite that the funding is targeted towards hiring more people, investing in Einride’s software platform and expanding its reach internationally, mostly in the U.S. In fact, Einride has revealed plans to open an office in the U.S. in 2020.

Source Credit: https://techcrunch.com/2019/10/10/autonomous-trucking-startup-einride-eyes-u-s-market-with-25-million-in-new-funding/

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Nine Malaysian hospitals to work with WHO for drug trials on COVID-19
Nine Malaysian hospitals to work with WHO for drug trials on COVID-19
By Akshay Kedari

With the growing COVID-19 crisis, various initiatives are being taken worldwide where numerous organizations of various scale and are contributing as much as they can towards the efforts. The WHO, the biggest global authority responsible for internat...

Mitsubishi Electric Europe acquires Sweden based AQS PRODUKTER
Mitsubishi Electric Europe acquires Sweden based AQS PRODUKTER
By Akshay Kedari

Mitsubishi Electric Corporation, a renowned air conditioning manufacturer, reportedly announced that the company’s European subsidiary, Mitsubishi Electric Europe, has purchased AQS PRODUKTER AB, a cooling as well as heat pump distributor based...

Orbit Fab bags NSF grant to test satellite refueling systems
Orbit Fab bags NSF grant to test satellite refueling systems
By Akshay Kedari

Orbit Fab, a San Francisco-based startup focusing on building refueling stations in orbit, has reportedly bagged a grant from the National Science Foundation (NSF) backed program dubbed, America’s Seed Fund. Reportedly, with this $250,000 gran...

AT&T wins $2.4bn bid for 5G spectrum license at the FCC Auction 103
AT&T wins $2.4bn bid for 5G spectrum license at the FCC Auction 103
By Akshay Kedari

Stakeholders and consumers may access 5G on unlimited wireless plans of AT&T.   There was a 102 percent surge in spectrum strength as they propelled 39 GHz spectrum to 786 MHz. AT&T has won the bid for 5G spectrum licenses amountin...

Alaskans to use tax credits to aid energy efficiency & air quality
Alaskans to use tax credits to aid energy efficiency & air quality
By Akshay Kedari

Local government authorities in Alaska have reportedly approved a bill that allows the creation and utilization of property tax credit to enhance air quality and energy efficiency. Sources cite that the Senate has accepted the bill with a 17-1 vote a...