Autonomous Trucking Startup Einride Raises $110 Million for Business Expansion

By McKenzie Carpenter Thursday, May 6, 2021

Logistics and autonomous EV startup Einride announced it raised $110 million to fuel business growth around the world.

Cockpit of a concept autonomous car.

About Einride

Founded in 2016, Einride is a Swedish technology startup company that develops and provides an autonomous transport EV for its logistics platform. The platform is a cloud-native transport logistics execution system that allows customers to become more environmentally sustainable through faster, greener, and cheaper freight.

According to the business, by transitioning diesel freight shipping to electricity, carbon dioxide (CO2) emissions can be reduced by up to 90%. Other air pollutants like nitrous oxides (NOx) can also be significantly reduced, especially in highly congested urban areas.

The startup company created an autonomous EV, the Pod. The EV uses remote monitoring and operation capability that is overseen and controlled by a team of engineers and trained operators. Due to its engineered nature, there is no need for a human to be physically in the vehicle. The business claims the EV can dramatically reduce freight costs, improve road safety, and increase overall productivity by 200% compared to conventional diesel transport vehicles.

In 2019, Einride announced the Swedish Transport Agency conducted a Site-Acceptance Test (SAT). As a result, the government agency concluded the Pod EV abided by Swedish traffic regulations and could operate short distances on public roads within industrial areas — between a warehouse and a terminal.

Although Einride typically promotes its Pod EV, the startup company also produces electric shipping trucks that are human-operated.

Business Expansion

Einride announced in a press release it raised $110 million in a Series B financing round from new investors Temasek, Soros Fund Management LLC, Northzone, Maersk Growth and Build Capital. Other existing investors also participated in this round. According to Crunchbase data, this new financing brings the total funding raised by the business to more than $150 million.

Robert Falck, CEO and co-founder of the startup, said in a statement, “We are proud to be backed by some of the world's most notable investors as they support our mission of becoming the leading provider of freight transport-as-a-service.”

With the new capital, the business plans to scale up deployments of its offerings in Europe and the United States (US).

The company also added in the statement that Coca-Cola, Oatly, Lidl, and Electrolux are current Einride customers.

This funding comes shortly after the company announced in October 2020 its next generation of the Pod. The next-generation EV will begin shipping sometime this year.

Autonomous Vehicles

While some companies have focused on transitioning from diesel or gasoline vehicles to electric-powered, startups like Einride and American startup Plus have taken it one step further by making electric vehicles autonomous. Startup Savant reported in March that Plus was exploring a potential SPAC merger as the business plans to go public.

While Tesla still dominates the autonomous vehicle market, Allied Market Research reported the global autonomous truck market size was valued at $1 billion in 2020 and is projected to reach $1.7 billion by 2020, growing at a CAGR of 10.4% from 2020 to 2025.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

Related Articles