FERNRIDE – a Germany-based autonomous trucking innovator – recently announced that it has closed a further $19 million in its Series A funding. This pushed the total round amount to $50 million.
The funding round comes as the company is strengthening its focus on advancing the transition towards automated and sustainable logistics by creating the world’s leading human-machine collaboration technology. And the funding increase will solidify FERNRIDE’s position as a leader in autonomous, electric trucking by accelerating its growth.
Driven by high investor interest, the second closing arrives just weeks after FERNRIDE’s initial Series A announcement. The 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 along with 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 join a 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.
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. And this approach has already won the company partnerships with leading industry players such as Volkswagen, DB Schenker, and HHLA.
This substantial capital infusion will amplify FERNRIDE’s position as a category leader in autonomous trucking that promotes sustainability, increases productivity, and improves worker safety. And 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.
KEY QUOTES:
“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.”
— Hendrik Kramer, co-founder and CEO of FERNRIDE
“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.”
— Dr. Elisabeth Schrey of DTCF
“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.”
— Timur Davis, Director at Munich Re Ventures
