FERNRIDE, a German autonomous and electric trucking company, has secured $31 million in Series A funding to develop human-machine collaboration technology. With support from industry giants like Volkswagen, DB Schenker, BSH, and HHLA, FERNRIDE has successfully integrated automated trucks into the operations of these companies over the past year. The new funding will be utilized to scale FERNRIDE's operations globally, expand their customer base, and further enhance their unique approach to human-assisted autonomy.
While the concept of autonomous driving has been explored in the logistics industry, FERNRIDE is the first company to effectively implement it for customers. The industry currently faces significant challenges, including a shortage of truck drivers, increasing CO2 emissions, and narrow profit margins. These issues have had a substantial impact on society and are expected to worsen.
For instance, the shortage of 400,000 truck drivers in Europe is projected to reach 2,000,000 by 2026. Despite the potential of autonomous driving to address these challenges, existing solutions have not provided an immediate and economically viable answer.
FERNRIDE's unique approach directly tackles these industry challenges by offering customers the benefits and reliability of driverless operations from the outset. The company has developed an end-to-end solution that seamlessly integrates into live operations without disruptions or downtime. Hendrik Kramer, CEO and Co-Founder of FERNRIDE, emphasizes that their customers experience the advantages of their human-assisted approach to autonomy from day one. The company's current customers operate over 1,000 yard trucks in Europe alone, highlighting the need for scalable solutions. FERNRIDE's approach addresses edge cases, ensures immediate functionality, and provides the reliability demanded by the industry.
The Series A funding comes from a range of investors, including venture capital firms 10x Founders, Promus Ventures, Fly Ventures, Speedinvest, and Push Ventures, as well as corporate investors such as HHLA Next, DB Schenker via Schenker Ventures, and Krone. The investors' confidence in FERNRIDE's vision reflects the urgency for the industry to transform and tackle its challenges. With a leadership team comprising experts from the autonomous vehicle and automotive industries, including individuals from BMW, MAN, Mobileye, and Argo.AI, FERNRIDE combines a decade of research with industry expertise. The company's goal is to become the global leader in autonomous trucking within the next five years.
Hendrik Kramer concludes by highlighting the importance of partnering with industry leaders during this transformative journey. The strategic investments obtained through the Series A funding will play a significant role in accelerating the transformation. Yard trucking alone represents a $25 billion market in Europe and North America, serving as just the initial step towards revolutionizing the entire trucking industry. FERNRIDE's ambition and innovation position them as a key player in shaping the future of logistics.
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