Einride, a Swedish startup known for its rare electric and autonomous pods designed to carry cargo, said Wednesday it raised $100 million from several new and existing investors, including its largest shareholder, EQT Ventures.
The salary increases included private strategic investments from quantum computing company IONQ. Neither Ainrid nor the investor revealed the company’s post-money valuation.
This funding will be provided as EinRide adapts to the new CEO and attempts to expand its three business products. Electric big rigs, autonomous pod-like trucks navigate fixed routes, planning software designed for shippers. Einride CEO Roozbeh Charli said the funding will allow the company to grow along with its customer base and accelerate the deployment of autonomous cargo technology.
Founded in 2016, the company began in Sweden with a mission to disrupt the freight industry. It starts with an electric truck, then an electric autonomous pod dedicated without a steering wheel or pedal for autonomous driving.
Einrid has expanded beyond Sweden to operate large quantities of electric trucks in Europe, North America and the UAE for companies such as PepsiCo, Carlsberg Sweden and DP World. The company has made several intrusions with autonomous pod-like trucks between Swedish customers and US GE appliances.
“We believe that Einride is building the most complete and positive cargo ecosystem in the market today,” said Ted Persson, partner at EQT Ventures. “There’s a habit of underestimating Nordic technology, until it quietly rewires the entire industry, and that’s exactly what Einride does with cargo.”
Still, Einride is undergoing internal changes, working with other emerging self-driving vehicle technology sectors on a long and expensive process from development to commercial operations.
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Five months ago, Einride co-founder Robert Falck resigned from the CEO role and took over as executive chairman of the board to focus on the company’s long-term strategy. As CFO, Charli was promoted to top leadership positions.
The company previously raised $500 million in its Series C round of equities and debt in 2022. The $200 million portion of the equity basis comes from supporters such as Northzone, EQT Ventures, Temasek, Swedish Pension Fund AMF, Polar Structure and Norrsken VC. It also secured $300 million in debt funding led by Barclays Europe.
