Parallel Systems raises $100m Series C to scale autonomous freight rail
AVP led the financing to expand Panther vehicle production and commercial deployment on short-haul railway routes.
Parallel Systems closed a $100 million Series C on October 7, led by AVP. New investors Hillspire, Agility Global and Cobalt Capital joined existing backers Anthos Capital, Congruent Ventures, Riot Ventures and Collaborative Fund.
The capital will fund production of its third-generation Panther vehicle and support commercial expansion, including international markets. Parallel says its total funding now exceeds $200 million.
The company targets shorter freight routes that are often served by trucks, using autonomous battery-electric vehicles on existing railway infrastructure. A Georgia pilot with Genesee & Wyoming is progressing under Federal Railroad Administration supervision as Parallel moves toward larger deployments.
Use of funds
Scale Panther rail vehicle manufacturing
Expand commercial deployment and international markets