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/