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

Mercury Systems, Intel bring in new flight safety-certifiable modules
Mercury Systems, Intel bring in new flight safety-certifiable modules
By Akshay Kedari

Mercury Systems Inc., one of the leading aerospace and defense companies, has recently introduced the first-ever commercially-available compute module, EnsembleSeries™ CIOE-1390 module, embedded with its BuiltSAFE™ technology and Intel&re...

Samsung to pour in $500 million for a new manufacturing unit in India
Samsung to pour in $500 million for a new manufacturing unit in India
By Akshay Kedari

One of the leading smartphone brands, Samsung Electronics is planning to invest $500 million in its Indian business by building a display manufacturing unit in the outskirts of New Delhi. Along with making displays, the new facility would work on man...

Toyota bets big on a new mode of local transportation: flying taxis
Toyota bets big on a new mode of local transportation: flying taxis
By Akshay Kedari

A California-based aerospace company, Joby Aviation recently announced that it raised USD 590 million as venture capital in a series C round of funding led by Toyota motor company. A sizeable investment made by the automaker in the round is a signifi...

Scandit and Samsung partner to optimize barcode scanning performance
Scandit and Samsung partner to optimize barcode scanning performance
By Akshay Kedari

Software company Scandit AG announced that it will specifically update its range of barcode scanning software for the Samsung Galaxy XCover Pro. The integration of optimized barcode scanning software of Scandit and Samsung’s latest ruggedized a...

Twitter announces new feature to give users more control over replies
Twitter announces new feature to give users more control over replies
By Akshay Kedari

Twitter is finally addressing the issues that have plagued the social network for a while now. The company has reportedly confirmed that it will be testing new features that would allow users to have control over who can reply over their tweets and h...