Sweden-based autonomous freight technology developer Einride secured $110m today in a series B round featuring communications technology producer Ericsson and Maersk Growth, a strategic investment vehicle for shipping group Maersk.
Temasek, Soros Fund Management, Northzone, Build Capital, EQT Ventures, Plum Alley Investments, Norrsken Foundation’s Norrsken VC vehicle and NordicNinja VC also contributed to the round, which increased the company’s overall funding to more than $152m.
Einride has created a range of autonomous vehicles known as Pods for use in transporting cargo, helping shipping firms carry large quantities of goods more easily while loading and unloading shipments.
The round comes after Ericsson subsidiary Ericsson Ventures, Norrsken VC, EQT Ventures and NordicNinja VC provided $10m in funding for the company in October 2020.
EQT Ventures and NordicNinja VC had led Einride’s $25m series A round in late 2019, investing alongside Ericsson Ventures, Norrsken Foundation, Plum Alley Investments and Plug and Play Ventures. Its earlier backers include Marlin Equity Partners.
Maersk Growth partner Jeppe Høier said: “With our global reach and expertise, we want to act as a catalyst for the next generation of logistics power players, as an investor and as a partner. We look forward to being part of Einride’s mission to electrify and decarbonise inland transport globally.”
Photo courtesy of Einride.
