Einride Raises $100 Million for Road Freight Technology Solutions

Einride raised about $100 million in funding to accelerate the development and deployment of its road freight technology solutions.

The Sweden-based company offers a platform that includes connected electric and autonomous heavy-duty trucks, charging infrastructure and an intelligent freight operating system called Saga, it said in a Wednesday (Oct. 1) press release.

“This funding allows us to grow with our customer base and accelerate the deployment of our autonomous freight technology,” Einride CEO Roozbeh Charli said in the release. “It’s a strong signal of confidence in both our team and our unique position in the market.”

Over the past year, Einride more than doubled its net sales, expanded into Austria and the United Arab Emirates, and grew its footprint in Europe and North America, according to the release.

One of the investors in this round is EQT Ventures, which is one of Einride’s largest shareholders, per the release.

“We believe Einride is building the most complete and forward-looking freight ecosystem on the market today,” Ted Persson, partner at EQT Ventures, said in the release. “Nordic tech has a habit of being underestimated, until it quietly rewires an entire industry. That’s exactly what Einride is doing in freight.”

In another recent development in this space, autonomous vehicle technology provider Kodiak AI said Sept. 24 that it was going public via a business combination of Kodiak Robotics and publicly traded special purpose acquisition company Ares Acquisition Corporation II.

The company’s artificial intelligence-powered autonomous driving system, Kodiak Driver, is designed for the trucking industry and integrates learnings from real-world experience.

“Going public with the support of our partners at AACT marks an important step in Kodiak’s journey to help transform how freight moves by providing our driverless solution to customers,” Kodiak Founder and CEO Don Burnette said at the time in a press release.

In June, it was reported that autonomous vehicle startup Applied Intuition raised $600 million in new funding to help it put its technology “into every moving machine,” including “everything from cars and trucks to drones and factories.”

Applied Intuition CEO Qasar Younis also said at the time that an initial public offering is a short-term goal for the company, pending market conditions.