Einride, the Swedish startup known for its unusual-looking electric and autonomous pods that are designed to carry freight, said Wednesday it has raised $100 million from several new and existing investors, including its largest shareholder, EQT Ventures.
The raise included an undisclosed strategic investment from quantum computing company IonQ. Neither Einride, nor its investors, disclosed the company’s post-money valuation.
The funding comes as Einride adjusts to a new CEO and tries to scale its three business products: electric big rigs, autonomous pod-like trucks that navigate fixed routes, and planning software designed for shippers. Einride CEO Roozbeh Charli said the funding would allow the company to grow with its customer base and accelerate the deployment of its autonomous freight technology.
The company, which was founded in 2016, started in Sweden with a mission to disrupt the freight industry — first with electric trucks, then with electric autonomous pods, which are purpose-built without a steering wheel or pedals for self-driving.
Einride has expanded beyond Sweden and operates a fleet of heavy-duty electric trucks in Europe, North America, and the UAE, for companies like PepsiCo, Carlsberg Sweden, and DP World. The company has made some inroads with its autonomous pod-like trucks with customers Apotea in Sweden and GE Appliances in the United States.
“We believe Einride is building the most complete and forward-looking freight ecosystem on the market today,” Ted Persson, partner at EQT Ventures, said in a statement. “Nordic tech has a habit of being underestimated, until it quietly rewires an entire industry. That’s exactly what Einride is doing in freight.”
Still, Einride has undergone internal changes and has grappled — along with the rest of the nascent autonomous vehicle technology sector — with the long and expensive process of moving from development to commercial operations.
Five months ago, Einride co-founder Robert Falck left the CEO role and took over as executive chairman of the board to focus on the company’s long-term strategy. Charli, who had been CFO, was promoted to the top leadership position.
The company previously raised $500 millio in 2022 in a Series C round of equity and debt. The equity-based $200 million portion came from backers including Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Structure, and Norrsken VC. It also secured $300 million in debt funding led by Barclays Europe.