FERNRIDE plans to use its latest funding to amplify its position as a leader in autonomous trucking. | Source: FERNRIDE
FERNRIDE, a Germany-based autonomous trucking startup, has brought in an additional $19 million in its Series A funding round. This brings that round to a total of $50 million, just a few months after the round’s first $31 million was announced.
This latest round of funding will further cement FERNRIDE’s position as a leader in autonomous, electric trucking by accelerating the company’s growth. The company plans to use the funding to amplify its position as a category leader in autonomous trucking. Fernride’s end-to-end system has integrated its autonomous yard trucks into the production operations of Volkswagen, DB Schenker, BSH, and HHLA over the past 12 months.
FERNRIDE aims to allow its customers to have a seamless transition towards automation. Autonomous driving technology has come a long way in recent years, but there are still edge cases and circumstances that autonomous drivers struggle with. FERNRIDE offers human-assisted driving to ensure 100% operational service reliability.
According to the company, FERNRIDE’s autonomous yard truck system can be tailored to customers’ specific needs, including automation hardware and software, training and certification, and personnel support. The company said its autonomous yard trucks are used in ports and terminals, production facilities, distribution centers and more.
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“By closing our Series A at $50M, we have established an investor base consisting of multiple corporates and large venture funds that can provide us many key strategic advantages along the value chain, as well as fund our ambitious growth plans to build the global category leader for autonomous, electric trucking, “ Hendrik Kramer, co-founder and CEO of FERNRIDE, said.
This second round of investing was driven by high investor interest. New investors in the round include Germany’s Deep Tech and Climate Fonds (DTCF). DTCF is a $1 billion venture fund financed by Germany’s “Future Fonds” and the ERP special fund. The round also includes San Francisco-based Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld, who assumes the role of Chairman on FERNRIDE’s board.
“FERNRIDE has assembled an exceptional team within the industry and has the potential to develop into a leading global technology champion from Germany. FERNRIDE’s use of pioneering technologies that automate and decarbonize the supply chain fits very well into the Deep Tech and Climate Fonds investment focus,” Dr. Elisabeth Schrey of DTCF said.
Fernride spun out of The Technical University of Munich’s (TUM) Automotive Engineering department in 2019, initially under the name Pylot. It was founded by Kramer, Max Fisser and Jean-Michael Georg. It announced its Seed Round in 2020, which totaled about $7.7 million.
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