Parallel Systems, a Los Angeles, CA-based provider of an autonomous battery-electric rail system, raised $38M in Series B funding.
The round was led by Anthos Capital, joined by Collaborative Fund, as well as Congruent Ventures, Riot Ventures and others.
The company intends to use the funds to commercialize its solution with strategic railroad partners in the United States and Australia.
Led by CEO and Founder Matt Soule, Parallel Systems provides an autonomous battery-electric rail system. The system allows for small groupings of vehicles, typically 10-30 vehicles, to operate in a platoon without couplings between them.
It provides benefits, including:
- enables railroads to grow by increasing their role in shorter-route transportation;
- makes America’s busiest roadways safer for motorists by decongesting;
- reduces the costs of shipping;
- creates high-skilled, high-wage jobs;
- reduces pollution.
To-date the company has raised approximately $100M in funding.
