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Truck automation and logistics startup Outrider raises $65M
Truck automation and logistics startup Outrider Inc. today announced it has raised $65 million in new funding to scale up and support its technology to automate distribution yards.
The Series B round was led by Koch Disruptive Technologies and included NEA, 8VC, Prologis Ventures, Evolv Ventures and Henry Crown and Co.
Founded in 2017 and launched out of stealth mode in February, Outrider helps large enterprises improve safety and increase efficiency in logistic hubs through automation. The company says its system uses artificial intelligence and machine learning to keep freight moving efficiently through a combination of management software, autonomous vehicles technology and sitewide supporting infrastructure.
The system, said to be able to be used with a click of a button, automates the movement trailers to and from loading docks and parking spots, hitches and unhitches trailers, robotically connects and disconnects trailer brake lines, inventories trailer locations and centrally monitors and controls all functions.
Outrider considers its integrated system unique in that it not only deploys AI for logistics management but also provides the technology for autonomous electric trucks within a given goods hub. By automating the repetitive, manual aspects of yard operations, the company says, it not only cuts costs but also provides logistics yard management in a more environmentally responsible way.
“Physical goods move through our economy faster than ever and it’s time to upgrade the infrastructure used to enable that increased velocity,” Outrider founder and Chief Executive Officer Andrew Smith said when the company launched. “Nearly 10 billion tons of freight flows through thousands of yards across the U.S. every year, driven by tens of thousands of yard trucks that spew millions of tons of CO2 emissions.”
Since launching earlier in the year, Outrider has expanded its customer base and has completed multiple pilot programs for companies that include Georgia-Pacific LLC and eight unnamed Fortune 500 companies.
Including the new funding, Outrider has raised $118 million to date.
Photo: Outrider
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