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Outrider, a developer of autonomous yard operations for logistics hubs, announced that it raised $73 million in Series C financing, bringing the company’s total funding raised to $191 million.
The company plans to use the latest round of funding to expand its proprietary autonomy and safety technology portfolio, increase hiring both domestically and internationally and scale its yard automation solution with large customers. Outrider’s solution can be used for package shipping, retail, eCommerce, consumer packaged goods, grocery, manufacturing and intermodal industries.
“Outrider has consistently delivered breakthrough technology to automate one of the most inefficient links in the supply chain – the distribution yard,” Andrew Smith, CEO and founder of Outrider, said. “Our customers will move massive quantities of freight more efficiently, safely, and sustainably using Outrider’s technology. We are thrilled to have an outstanding network of investors who share our vision to set a new standard for the global logistics industry.”
The Outrider System consists of three integrated parts — management software, autonomous vehicles, and site infrastructure. In addition to the articulated backing technology, the system can autonomously hitch to and unhitch from trailers, robotically connect and disconnect trailer brake lines, interact safely with loading docks, track trailer locations, and centrally manage and monitor all system functions.
In February 2022, Outrider released fully autonomous trailer backing capabilities to its fleet. The technology enables autonomous yard trucks to back trailers into tight spaces without modifications to trailers. According to Outrider, this is one of the most challenging maneuvers in confined distribution yards.
Outrider’s Series C round was led by FM Capital, and included participation from a number of new investors, including a subsidiary of the Abu Dhabi Investment Authority and NVenture, NVIDIA’s venture capital arm, B37 Ventures, Lineage Ventures, the corporate venture capital arm of Lineage Logistics, Presidio Ventures, the venture capital arm of Sumitomo Corporation, and ROBO Global Ventures.
“Outrider has addressed all the pieces – technology, safety, operations, and support – needed to deploy a reliable, industrial-grade system at scale. The company is a case study in bringing advanced robotics and autonomy technology to market,” Mark Norman, Managing Partner of FM Capital, said. “Outrider has a world-class team to scale their solution and FM Capital is excited to invest and join the company’s Board of Directors.”
The round also included existing investors in the company, including Koch Disruptive Technologies and New Enterprise Associates.
Additionally, Henrik Christensen, a founding member of ROBO Global’s Advisory Board and Qualcomm Chair of Robotics at UC San Diego, has joined Outrider as a board advisor.