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Parallel Systems raises $100 million to expand autonomous rail freight
AVP led the Series C financing as the startup works toward carrying its first commercial payload near Georgia’s Port of Savannah.
Parallel Systems has raised $100 million in a Series C round led by AVP, with plans to increase manufacturing of its third-generation Panther rail vehicle and bring the autonomous freight system into commercial use faster.
The round also drew investment from Hillspire, Agility Global, Cobalt Capital, Anthos Capital, Congruent Ventures, Riot Capital, and Collaborative Fund. Matt Soule, the company’s co-founder and CEO, and his fellow founders launched Parallel in 2020 after designing rocket avionics systems at SpaceX.
The battery-powered Panther is designed to transport several tons of cargo up to 500 miles with no operator. Each vehicle can travel alone or join an uncoupled group. Without mechanical couplers, the vehicles can separate at a train yard automatically. Sensors scan for obstacles once a vehicle is cleared to run on a particular track section.
With Federal Railroad Administration approval, Parallel has been operating across 160 miles of track near the Port of Savannah in Georgia to test the system’s safety. Soule said checks of safety controls and operating practices in real-world conditions were underway ahead of the company’s first commercial payload.
Soule said the technology could enable railroads to win some freight business from trucks on journeys below 500 miles, a distance he described as difficult for rail operators to serve competitively. About 60% of U.S. freight trips fall below that distance, and trucking companies carry most of them.