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FERNRIDE brings in $19M, bringing Collection A spherical to $50M

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FERNRIDE plans to make use of its newest funding to amplify its place as a pacesetter in autonomous trucking. | Supply: FERNRIDE

FERNRIDE, a Germany-based autonomous trucking startup, has introduced in a further $19 million in its Collection A funding spherical. This brings that spherical to a complete of $50 million, simply a couple of months after the spherical’s first $31 million was introduced

This newest spherical of funding will additional cement FERNRIDE’s place as a pacesetter in autonomous, electrical trucking by accelerating the corporate’s development. The corporate plans to make use of the funding to amplify its place as a class chief in autonomous trucking. Fernride’s end-to-end system has built-in its autonomous yard vehicles into the manufacturing operations of Volkswagen, DB Schenker, BSH, and HHLA over the previous 12 months.

FERNRIDE goals to permit its prospects to have a seamless transition in the direction of automation. Autonomous driving expertise has come a great distance in recent times, however there are nonetheless edge instances and circumstances that autonomous drivers battle with. FERNRIDE affords human-assisted driving to make sure 100% operational service reliability. 

In keeping with the corporate, FERNRIDE’s autonomous yard truck system could be tailor-made to prospects’ particular wants, together with automation {hardware} and software program, coaching and certification, and personnel assist. The corporate stated its autonomous yard vehicles are utilized in ports and terminals, manufacturing services, distribution facilities and extra.

“By closing our Collection A at $50M, we’ve got established an investor base consisting of a number of corporates and enormous enterprise funds that may present us many key strategic benefits alongside the worth chain, in addition to fund our bold development plans to construct the worldwide class chief for autonomous, electrical trucking, “ Hendrik Kramer, co-founder and CEO of FERNRIDE, stated.

This second spherical of investing was pushed by excessive investor curiosity. New buyers within the spherical embody Germany’s Deep Tech and Local weather Fonds (DTCF). DTCF is a $1 billion enterprise fund financed by Germany’s “Future Fonds” and the ERP particular fund. The spherical additionally contains San Francisco-based Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld, who assumes the position of Chairman on FERNRIDE’s board. 

“FERNRIDE has assembled an distinctive workforce throughout the trade and has the potential to grow to be a number one international expertise champion from Germany. FERNRIDE’s use of pioneering applied sciences that automate and decarbonize the provision chain suits very nicely into the Deep Tech and Local weather Fonds funding focus,” Dr. Elisabeth Schrey of DTCF stated. 

Fernride spun out of The Technical College of Munich’s (TUM) Automotive Engineering division in 2019, initially underneath the identify Pylot. It was based by Kramer, Max Fisser and Jean-Michael Georg. It introduced its Seed Spherical in 2020, which totaled about $7.7 million.

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