Einride, the Swedish company developing sustainable, self-driving vehicles, has raised $25 million in Series A funding. The round was led by EQT Ventures and NordicNinja VC, with support from Ericsson Ventures, Norrsken Foundation, Plum Alley Investments, and Plug and Play Ventures.
The Stockholm-based startup is a pioneer in AET(Autonomous Electric Transport)-systems, with specific development around road freight transport as opposed to personal vehicles. The trucks run on electricity and drive autonomously; the futuristic design does not even include room for a human driver or passenger.
“Einride is taking on the huge challenge of revolutionising the jurassic global transportation market by automating and electrifying transportation to reduce CO2 emissions. Einride’s approach of tying together software and hardware to take transportation into the future is by far one of the most ambitious I’ve seen as an investor in Europe,” said Ted Persson, operating partner and investment advisor at EQT Ventures.
Current customer deals include supermarket chain Lidl, unnamed US-based transport companies, and the logistics provider DB Schenker, which now has an all-electric, autonomous truck at its facility in Sweden. This truck, the Einride pod, was the world’s first to operate commercially with a permit on a public road.
Commenting on the new investment, Einride founder and CEO Robert Falck said: “Our ambition is to disrupt the transport industry and closing our series A brings us one step closer to that goal. The funding will allow us to start expanding in the US, deliver on our technology road map and to meet rapidly increasing customer demand.”
The company was founded in 2016 by Falck, Linnéa Kornehed, and Filip Lilja.