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Monday, July 22, 2024

Fernride raises $50 million in Series A funding to scale autonomous yard trucking

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Germany-based autonomous trucking innovator Fernride has closed a further $19 million in its Series A funding, pushing the total round amount to $50 million.

This comes as the company strengthens its focus on advancing the transition towards automated and sustainable logistics by creating the world’s leading human-machine collaboration technology.

The funding increase will further cement Fernride’s position as a leader in autonomous, electric trucking by accelerating its growth.

Driven by high investor interest, the second closing comes just weeks after Fernride’s initial Series A announcement.

New investors include Germany’s Deep Tech and Climate Funds (DTCF), a $1 billion venture fund financed via Germany’s “Future Funds” and the ERP special fund and created to drive the growth of deep tech and climate companies in Germany and Europe, alongside San Francisco-based Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld, who also assumes the key role of Chairman on Fernride’s board.

These investors add to the strong roster of existing venture capital support from 10x Founders, Promus Ventures, Fly Ventures, Speedinvest, and Push Ventures, along with corporate investors HHLA Next, DB Schenker via Schenker Ventures, and Krone.

Commenting on this “significant milestone”, Hendrik Kramer, co-founder and CEO of Fernride, says: “By closing our Series A at $50 million, 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.”

Dr Elisabeth Schrey, of DTCF, says: “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.”

Timur Davis, director at Munich Re Ventures, says: “By starting with teleoperations that initially keeps a human in the loop, we believe Fernride’s step-by-step approach is the optimal path towards building fully autonomous capabilities.

“Fernride has already demonstrated its ability to partner with key players in the industry and is positioned to rapidly build on its unique strengths and capabilities to succeed where others in the market have fallen short.”

Fernride’s unique human-assisted approach to autonomy addresses major industry challenges in logistics and bolsters the economic viability of the solution, unlocking the benefits and reliable service of driverless operations for their customers from day one.

This approach has already won the company partnerships with leading industry players such as Volkswagen, DB Schenker, and HHLA.

This substantial influx of capital will be channeled into amplifying Fernride’s position as a category leader in autonomous trucking that promotes sustainability, increases productivity, and improves worker safety.

Fernride is committed to harnessing these resources to scale the operations with existing and new customers globally and boost the technological development of their unique approach to human-assisted autonomy.

The company will further strengthen its position as a pioneer in the quest to usher in a new, autonomous era for the global supply chain.

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