Parallel Systems, which builds autonomous freight trains, raised a $100M Series C led by AVP, taking its total funding to $200M+ (Tim De Chant/TechCrunch)
The railroad industry was one of the first to disrupt how the world worked with technology, but lately, innovation in freight railroading has amounted to little more than longer and longer trains.
Parallel Systems, a company that builds autonomous freight trains, has raised $100 million in a Series C funding round. This latest investment, led by AVP, brings the company's total funding to over $200 million. The railroad industry was one of the first to be disrupted by technology, but innovation in freight railroading has been limited to increasing train lengths.
According to TechCrunch, Parallel Systems aims to change this with its autonomous freight trains. The company has not provided further details on its plans or timeline for implementation.
There is no additional information on Parallel Systems' current projects or future plans beyond the funding round. Another company, Procuros, a supply chain connectivity platform, has also recently raised funding, but this is unrelated to Parallel Systems.
Brief written by urgent.news from Techmeme, EU-Startups — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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