Einride Emerges as Leader in Autonomous Freight, Generating Revenue and Announcing New Investment from impact fund Norrsken VC
10.1.2020
October 1, 2020 - Einride, a Swedish technology company that develops and provides freight transport solutions based on electric and autonomous vehicles, today announced $10 million in new funding from existing investors led by impact fund - Norrsken VC. The EQT Ventures fund (“EQT Ventures”), Nordic Ninja VC, Ericsson Ventures, and other investors also participated in the round. This new round of funds will be used to fast track the official launch of its Einride autonomous vehicle and meet the overwhelming demand from existing clients including Oatly, Lidl, and more. In addition to this new funding, Norrsken VC, which was founded by the Klarna co-founder Niklas Adalberth, will be joining Einride’s advisory board.
In March 2020, the AI and robotics industry saw major names shut its doors which sent a shiver down the spine of the autonomous trucking industry. Contrarily, in the wake of COVID-19, there has been a shift towards searching for a more efficient, contactless way to achieve the same levels of transport as before. During this time, Einride has maintained a strong stream of new partnerships, including onboarding two major partners, Oatly and Lidl, and launching the main net version of its Freight Mobility Platform.
“There is both a lot of excitement and a lot of uncertainty about autonomous trucking, but the fact remains: this is one of the largest business opportunities in the history of mankind,” said Robert Falck CEO of Einride. “We have a unique opportunity to make transport both exponentially safer and more sustainable. It’s something the vast majority of us want, but many are unsure of how to get there and resort to half-measures. We expect to see the autonomous transport industry expand exponentially in the coming years, especially in the wake of a global pandemic.”
Einride is the first amongst its competitors to have a solution in production and generate revenue It is also the first freight transport start-up to operate a truly driverless heavy transport vehicle on a public road. In addition, Einride is the only company to operate these vehicles daily at customer sites. Beyond developing cutting-edge autonomous technology with the Einride autonomous vehicle, the company offers a freight mobility operating system that intelligently manages the transition to electric and autonomous freight on an individual transport network level. With the additional funding and strategic input from Norrsken VC, the newest member of the Einride advisory board, Einride plans to continue leading the transition to an autonomous and sustainable future of freight.
“Eliminating CO2e emissions causing rapid climate change is one of the greatest challenges facing humanity. As one of the largest emitters, what the road transport industry does in the coming years will have an enormous impact on reaching sustainability goals. At Norrsken, we have been with Einride since the beginning, and are proud to continue to support this movement towards electric, autonomous transport,” said Niklas Adalberth, co-founder of Klarna and the Norrsken Foundation.
About Einride
Einride is a Swedish technology company that develops and provides freight transport solutions based on electric and autonomous vehicles. It was founded in 2016 by Robert Falck, Linnéa Kornehed and Filip Lilja, and became the world’s first company to operate an autonomous, all-electric freight vehicle on a commercial route on a public road. Recently, the company launched the Einride Mobility Platform, a cloud-native transport execution system for autonomous, electric and traditional road transportation. With the platform, customers can use real-time information and actionable insights to implement sustainable, cost-efficient and high performing transport logistics.
For more information on Einride and its sustainable, autonomous, and freight management solutions, visit: https://www.einride.tech
About Norrsken VC
Norrsken VC is part of Norrsken Foundation, which believes that entrepreneurs building rapidly scalable businesses are our best bet to solve the world’s greatest challenges, such as poverty, health, climate, mental health and discrimination. Norrsken Foundation is a non-religious, non-partisan, non-profit foundation, founded in Stockholm, Sweden, in 2016.
For more information on Norrsken VC and its investments, visit: Norrsken VC https://www.norrsken.vc
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