Parallel Systems aims to decarbonize and automate rail freight
Founded by former SpaceX engineers, the company just raised $49.55 million in Series A funds to help create autonomous battery-electric rail vehicles to move shipping containers cleaner, faster, safer, and more cost-effectively than traditional trains and trucks.
Culver City, CA-based startup Parallel Systems, a company founded by former SpaceX, has raised $49.55 million in Series A funding to build autonomous battery-electric rail vehicles that move freight. The round is led by Anthos Capital, and includes investments from Congruent Ventures, Riot Ventures, Embark Ventures, and others.
The funds will be used to build a fleet of rail vehicles, execute advanced testing programs, and grow the team. The company, which came out of stealth mode today, has raised $53.15 million to date.
“We founded Parallel to allow railroads to open new markets, increase infrastructure utilization, and improve service to accelerate freight decarbonization,” said Matt Soule, Co-founder and CEO, Parallel Systems. “Our business model is to give railroads the tools to convert some of the $700 billion U.S. trucking industry to rail. The Parallel system can also help alleviate the supply-chain crisis by enabling low cost and regular movement of freight in and out of ports. Parallel’s compe
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