FERNRIDE Raises $50M Series A to Scale Autonomous Yard Trucking
Munich, September 20, 2023: Germany-based autonomous trucking innovator FERNRIDE has closed a further $19M in its Series A funding, pushing the total round amount to $50M. This comes as the company strengthens its focus on advancing the transition towards automated and sustainable logistics by creating the world’s leading human-machine collaboration technology. The funding increase will further cement FERNRIDE’s position as a leader in autonomous, electric trucking by accelerating its growth.
Driven by high investor interest, the second closing comes just weeks after FERNRIDE’s initial Series A announcement. New investors include Germany’s Deep Tech and Climate Fonds (DTCF), a $1BN venture fund financed via Germany’s “Future Fonds” and the ERP special fund and created to drive the growth of deep tech and climate companies in Germany and Europe, alongside 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 add to the 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.
“By closing our Series A at $50M, 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 comments on this significant milestone.
Dr. Elisabeth Schrey of DTCF adds: “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.”
“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,” shared Timur Davis, Director at Munich Re Ventures. “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.”
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. This approach has already won the company partnerships with leading industry players such as Volkswagen, DB Schenker, and HHLA.
This substantial influx of capital will be channeled into amplifying FERNRIDE’s position as a category leader in autonomous trucking that promotes sustainability, increases productivity, and improves worker safety. 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.
FERNRIDE offers scalable automation solutions for yard trucking that increase productivity, promote sustainability, and improve worker safety. The company employs a human-assisted autonomy approach, which allows for remote takeovers of trucks when necessary. This ensures seamless integration and reliable operations for logistics operators. With over a decade of research and high-profile customers, including Volkswagen, HHLA and DB Schenker, FERNRIDE uses cutting-edge technology to address major industry challenges, such as driver shortages and the negative environmental impact of logistics operations. The company was founded by Hendrik Kramer, Maximilian Fisser, and Jean-Michael Georg, and currently has over 130 employees working in offices located in Munich and Wolfsburg. www.fernride.com
About DeepTech & Climate Fonds
The DeepTech & Climate Fund (DTCF) is a new fund that invests in the growth of companies with future technologies. It is financed by the Future Fund and the ERP Special Fund and helps to expand the technology ecosystem of the future. As an anchor investor and partner of long-term investors such as family offices, the DTCF will invest up to one billion euros in the coming years to develop the new technology-based SMEs of tomorrow.
DeepTech & Climate Fonds
Ruiyao Xu (MSLGroup)
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