Outrider, the pioneer in autonomous yard operations for logistics hubs, announced on January 19 that it successfully closed a Series C funding worth $73 million led by FM Capital, as per Reuters.
Who are the investors?
The world’s leading sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), and computing and chip maker Nvidia Corp participated in the Series C funding.
Apart from them, the venture capital division of industrial conglomerate Koch Industries and the American venture capital firm New Enterprise Associates (NEA) have also invested in the company for the first time.
With the additional $73 million, Outrider has now secured $191 million in total funding from investors.
Purpose of the funding
Outrider aims to use the $73 million funds to expand the number of autonomous trucks it uses in distribution yards for clients in the e-commerce, manufacturing, and other sectors.
It will also aid the company in expanding its autonomous technology and recruiting employees in the US and globally, per Outrider.
“Outrider has consistently delivered breakthrough technology to automate one of the most inefficient links in the supply chain – the distribution yard. 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.”
Outrider CEO and Founder, Andrew Smith
Outrider’s self-driving yard trucks
For those unaware, yard trucks move the cargo and trailer containers in distribution yards.
Remarkably, Outrider claims that the Outrider System can adapt to the environment in the yard.
“Autonomous yard truck, which hitches to and unhitches from trailers, robotically connects and disconnects trailer brake lines, backs semi-trailers with precision, interacts safely with loading docks, and keeps track of trailer locations throughout the yard.”
Outrider
The company also states that over 20% of all active yard trucks in North America are their clients. In fact, Outrider reportedly started investing in collaborative product testing and pilot operations in 2019.
All that said, Outrider might really be able to accomplish its expansion and development goals with the support of this fresh funds from its new investors. The accomplishments it can make this year will be fascinating to see.
