Funding supports scaling of autonomous yard operations for Fortune 500 logistics hubs
BRIGHTON, Colo., Oct. 24, 2024 /PRNewswire-PRWeb/ -- Outrider, the leader in autonomous yard operations for logistics hubs, has raised $62 million in an oversubscribed Series D financing round. The round was led by Koch Disruptive Technologies (KDT) and New Enterprise Associates (NEA), with additional investments from 8VC, ARK Invest, B37 Ventures, FM Capital, Interwoven Ventures, NVentures (NVIDIA's venture capital arm), and Prologis Ventures. This funding will drive the commercial scaling of Outrider's autonomous yard operations as a service with Fortune 500 customers in 2025 and solidify its position at the forefront of logistics automation.
"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 team of talent is proud to have created this industry and will continue to lead the way for years to come."
With over $250 million in equity capital raised to date, Outrider is working closely with customers to launch and scale autonomous yard operations as a service across industries such as package shipping, retail and eCommerce, consumer packaged goods, and automotive. Since 2019, Outrider's customers, representing over 20 percent of all yard trucks in operation in North America, have been actively involved in product testing and pilot deployments, highlighting their commitment to reinventing yard operations.
"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."
While 2025 product scaling is currently focused on distribution center applications, Outrider's technology is also well-suited for use in intermodal rail and port terminals, paving the way for future applications across freight transportation. This versatility, along with an electric-first yard truck platform strategy, positions Outrider to play a crucial role in modernizing multiple facets of the global supply chain.
With this new capital, Outrider will scale to hundreds of systems with key customers and address additional use cases. This investment will further extend Outrider's leadership position in the marketplace and increase the protection of its patented innovations. "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.
Other investors joining the Series D financing are Goose Capital; Lineage Ventures, the investment strategy of Lineage, Inc.; Presidio Ventures, the venture capital arm of Sumitomo Corporation; and Service Provider Capital.
Since securing $73 million in Series C funding in 2022, Outrider has made impressive strides, including new and expanded deployments, global expansion of its technical team, and the release of groundbreaking AI and deep-learning capabilities for system safety and performance. Outrider's technological achievements have been validated by over 100,000 autonomous trailer moves across its customer deployments and test site. Multiple issued patents further underscore Outrider's commitment to leading the industry and transforming yard operations.
About Outrider®
Outrider, the leader in autonomous yard operations for logistics hubs, helps large enterprises improve safety and increase efficiency. The only company exclusively focused on automating all aspects of yard operations, Outrider works with logistics-dependent enterprises to eliminate manual tasks that are hazardous and repetitive. Outrider's mission is to drive the rapid adoption of sustainable freight transportation by deploying zero-emission systems. With its customers representing over 20 percent of all yard trucks operating in North America, Outrider is a private company backed by NEA, 8VC, Koch Disruptive Technologies, FM Capital, and other top-tier investors. For more information, visit http://www.outrider.ai.
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SOURCE Outrider
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