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Outrider, a pioneer in autonomous truck technology, has secured $62 million in its latest funding round, signalling robust investor confidence in autonomous yard operations. This investment will significantly advance Outrider's efforts to automate logistics hubs, forming a crucial part of its strategy to boost operational efficiency across numerous sectors.
"By automating yard operations, Outrider is empowering supply chain workers to maximize facility throughput and safety while minimizing their exposure to repetitive, manual tasks performed in dangerous environments," said Andrew Smith, Founder and CEO of Outrider. "This latest funding strengthens our ability to set the highest operational standards in logistics and deliver unmatched value to our customers and their employees. Our global talent team is proud to have created this industry and will continue to lead the way for years to come."
Koch Disruptive Technologies (KDT) and New Enterprise Associates (NEA) led the funding initiative, demonstrating a solid belief in Outrider's vision. Other key contributors included 8VC, ARK Invest, B37 Ventures, FM Capital, Interwoven Ventures, NVentures, and Prologis Ventures. The Series D round also welcomed Goose Capital, Lineage Ventures, Presidio Ventures, and Service Provider Capital, reflecting wide-ranging support for Outrider's innovative approach.
With the fresh capital, Outrider plans to expand its operations and elevate industry standards in logistics automation. Since its inception in 2017, Outrider has focused on enhancing safety and efficiency in logistics through automation, reducing the need for manual, repetitive tasks, and minimizing operational risks.
Outrider's zero-emission systems are designed to promote sustainable freight practices and are already being tested by over 20% of North America's yard trucks, servicing sectors like retail and automotive. Their autonomous systems have performed over 100,000 trailer moves, proving the efficacy and reliability of their technology.
Koch Disruptive Technologies President Byron Knight praised Outrider's leading role in transforming supply chain efficiency globally. Bob Hall, Outrider's COO, highlighted the company's advanced safety systems, particularly its robotic arm system for secure trailer connections, which positions Outrider at the forefront of the industry.
"Outrider's proprietary safety systems; consistent, predictable movement through complex and chaotic environments; and patented robotic-arm-based system for trailer air and electric line connections have allowed us to stay far ahead of any competition," said Bob Hall, Chief Operating Officer at Outrider.
"Outrider's industry-leading technology approach, commitment to safety, and robust IP portfolio make them a standout in autonomous yard operations," said Byron Knight, President of Koch Disruptive Technologies. "We're thrilled to support their continued growth as they revolutionize supply chain efficiency on a global scale."
Outrider is on a path to commercialize and broaden the application of its patented solutions by 2025, focusing on sustainability and the increasing demand for eco-friendly transportation options. This aligns with the company's vision to modernize global supply chains and position itself as a leader in logistics innovation.
In conclusion, Outrider's significant funding boost underscores its technological capabilities and sets the stage for a transformative impact on logistics operations. With solid investor backing and a commitment to innovation and sustainability, Outrider is poised to redefine the standards of the logistics industry and foster safer, more efficient supply chain practices worldwide.
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