FERNRIDE, an autonomous trucking company headquartered in Munich, has successfully closed an additional $19 million in its ongoing Series A funding round, boosting the total capital raised to an impressive $50 million. This significant influx of funding is poised to bolster FERNRIDE's position as a frontrunner in the autonomous and electric trucking industry, propelling its growth initiatives.
The latest funding round garnered support from influential backers, including Munich Re Ventures and DB Schenker. FERNRIDE has adopted a distinctive approach known as “human-assisted autonomy,” which enables remote takeovers of trucks when circumstances demand it. This approach offers a seamless and reliable solution for logistics operators seeking to integrate autonomous trucking into their operations efficiently.
Hendrik Kramer, Co-founder and CEO of FERNRIDE, expressed his optimism about the recent funding success, stating, “By closing our Series A at $50 million, we have cultivated an investor base comprising several corporate entities and prominent venture funds. These strategic partnerships not only provide us with invaluable advantages across the value chain but also empower us to fuel our ambitious growth plans, positioning us as the global leader in autonomous electric trucking.”
Timur Davis, Director at Munich Re Ventures, elaborated on FERNRIDE's progressive approach, saying, “Starting with teleoperations that initially retain a human presence in the loop, FERNRIDE's step-by-step strategy appears to be the optimal route to achieving fully autonomous capabilities. FERNRIDE has already showcased its ability to collaborate with key industry stakeholders and is well-positioned to capitalize on its unique strengths and capabilities, charting a course for success where others in the market have faced challenges.”