Outrider, a Golden, CO-based software company that provides autonomous yard operations for logistics hubs, closed a $73 million Series C funding, bringing its total raised to $191 million since its inception.
The round was led by FM Capital, with participation from new investors including Abu Dhabi Investment Authority; Nvidia’s venture capital group, NVentures; B37 Ventures; Lineage Ventures, the corporate venture capital arm of Lineage Logistics; Presidio Ventures, the venture capital arm of Sumitomo Corp.; and ROBO Global Ventures.
Existing investors participating included Koch Disruptive Technologies and New Enterprise Associates.
The new funds will be used to hire in the U.S. and internationally (beyond its 175-person workforce) and transition from testing and validation to commercial operations at scale.
“It’s one thing to have a vehicle driving autonomously, it’s another thing to create a truly industrial system that can operate in a harsh environment over multiple years of time, 20 to 24 hours a day, 365 days a year,” Outrider founder and CEO Andrew Smith said. "The productization of the system and the rolling in of these final capabilities will allow us to then scale to thousands of systems operating on Outrider software over the next few years.”
Outrider has developed an autonomous system that includes electric yard truck software to manage operations and site infrastructure. It has 20 autonomous systems in use at customer sites and its test facility as the company finishes the final capabilities and proprietary safety mechanisms of the system.
Company: Outrider Technologies, Inc.
Raised: $73.0M
Round: Series C
Funding Month: January 2023
Lead Investors: FM Capital
Additional Investors: Abu Dhabi Investment Authority (ADIA), NVentures, NVIDIA’s venture capital arm, B37 Ventures, Lineage Ventures, Presidio Ventures, ROBO Global Ventures, Koch Disruptive Technologies (KDT), and New Enterprise Associates (NEA)
Company Website: https://www.outrider.ai/
Software Category: Logistics and Supply Chain Software
About the Company: Founded in 2017 by Andrew Smith, Outrider is a logistics and supply chain software company that pioneers autonomous yard operations for logistics hubs. It helps large enterprises improve safety and increase efficiency. The only company exclusively focused on automating all aspects of yard operations, the company eliminates manual tasks that are hazardous and repetitive. Its mission is to drive the rapid adoption of sustainable freight transportation by deploying zero-emission systems.
Source: https://techcrunch.com/2023/01/19/outrider-raises-73m-to-scale-its-autonomous-electric-yard-truck-operation/