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

Fibonacci Brands acquires Darwin from Harvest Health & Recreation
Fibonacci Brands acquires Darwin from Harvest Health & Recreation
By Akshay Kedari

Fibonacci Brands has recently announced the acquisition of Darwin from Harvest Health & Recreation (HARV.CN) as its foundation brand. Fibonacci is a leading player in the international cannabis industry. According to James George, founder of Fib...

GVN adds EVIT Center and Chumakov as its new Centers of Excellence
GVN adds EVIT Center and Chumakov as its new Centers of Excellence
By Akshay Kedari

The Global Virus Network (GVN), an international coalition of medical virologists, has recently announced the addition of Australian and Russian researchers. GVN is adding the Center for EVIT (Emerging Viruses, Inflammation & Therapeutics) of th...

Wind Point Partners takes over RTIC to expand business portfolio
Wind Point Partners takes over RTIC to expand business portfolio
By Akshay Kedari

American private equity firm, Wind Point Partners has recently signed an acquisition deal with the one of the biggest direct-to-consumer (D2C) eCommerce providers of drinkware, RTIC. Reportedly, RTIC is Wind Point’s third acquisition of a famil...

Novartis reveals positive data from Phase III ORION trials of inclisiran
Novartis reveals positive data from Phase III ORION trials of inclisiran
By Akshay Kedari

Swiss multinational pharmaceutical firm, Novartis has recently announced results from its Phase III ORION-10 and -11 studies that focus on assessing the individual responses of patients on lowering low-density lipoprotein cholesterol (LDL-C) with inc...

Medtronic to acquire Companion Medical to expand diabetes business
Medtronic to acquire Companion Medical to expand diabetes business
By Akshay Kedari

Medtronic plc, the global leader in medical technologies, has reportedly announced that it is planning to acquire insulin pen manufacturer Companion Medical. The acquisition gives Medtronic access to Companion Medical’s ‘InPen’, wh...