The funding round was led by FM Capital and also saw the participation of new investors including NVentures, Nvidia’s venture capital arm, and a wholly owned subsidiary of the Abu Dhabi Investment Authority
US-based autonomous yard operations firm Outrider announced that it has raised $73m in a Series C funding round to expedite the adoption of autonomous distribution yard operations.
The funding round was led by FM Capital and also saw the participation of new investors including NVentures, Nvidia’s venture capital arm, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
The other new investors who participated in the funding round include Lineage Ventures, the corporate venture capital arm of Lineage Logistics, Sumitomo’s venture capital arm Presidio Ventures, B37 Ventures, and ROBO Global Ventures.
The autonomous yard operations company has now raised $191m in total.
Apart from the new investors, Outrider’s existing investors including Koch Disruptive Technologies (KDT) and New Enterprise Associates (NEA) participated in the financing round.
Outrider CEO and founder Andrew Smith said: “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.”
The proceeds from the funding round are expected to be utilised by Outrider to expand its proprietary autonomy and safety technology portfolio and to hire more people domestically and globally.
Besides, the autonomous yard operations firm expects to scale its yard automation solution with large customers in package shipping, eCommerce, retail, grocery, manufacturing, consumer packaged goods, and intermodal sectors.
The Series C funding round is also expected to expedite its work with electric vehicle (EV) yard truck manufacturers to optimise the automation and electrification’s advantages for clients and the communities around significant logistics hubs.