FERNRIDE secures $31 million in Series A funding

German company Fernride has successfully closed a Series A funding round, raising a total of $31 million. The funding will be used to accelerate the transition to automated and sustainable logistics.

Munich, Germany - The company has raised $31 million in a Series A financing round. Fernride is a pioneer in the field of autonomous and electric trucks and has gained the trust of leading industrial groups such as Volkswagen, DB Schenker, BSH and HHLA. The funding will enable increased collaboration with existing and new customers, as well as further development of the "human-assisted autonomy" technology.

As we profoundly change the way the logistics industry operates, it is critical to work with some of the leading players in the industry.

Hendrik Kramer, CEO & Co-Founder FERNRIDE

Fernride receives funding from venture capital investors such as 10x Founders, Promus Ventures, Fly Ventures, Speedinvest and Push Ventures, as well as corporate venture capital investors such as HHLA Next, DB Schenker via Schenker Ventures and Krone. These investors have confidence in Fernride's vision and recognize the urgent need for the industry to transform and address the challenges.

Challenge lack of riders

Fernride has succeeded as a company in bringing autonomous driving technology into operational use for customers. The logistics industry is facing major challenges such as a shortage of truck drivers, rising CO2 emissions, and low profit margins. These issues are already having a significant impact and are expected to increase. The company's approach provides a solution to these industry-specific challenges by developing a seamlessly integratable end-to-end solution that enables the reliable operation of driverless trucks. The company already has over 1,000 trucks in operation in its European customers' yard and port logistics operations and offers an easily scalable solution through its "human-assisted autonomy" approach.

The company was founded by Hendrik Kramer, Maximilian Fisser and Jean-Michael Georg and employs over 120 people at locations in Munich and Wolfsburg. Starbase previously reported a Series A funding round for Fernride of EUR 7.1 million in 2021. With the additional federation money, the company was able to raise a total of EUR 10 million at that time.