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Parallel Systems raises $100M Series C led by AVP to scale autonomous freight rail production and commercialization.
Parallel Systems has closed a $100 million Series C funding round to accelerate production and commercialization of its battery-electric autonomous freight rail technology. AVP led the round with participation from new investors Hillspire, Agility Global, and Cobalt Capital, alongside returning investors Anthos Capital, Congruent Ventures, Riot Capital, and Collaborative Fund. The company plans to expand manufacturing of its third-generation Panther rail vehicle, accelerate commercialization, and enter international markets. Parallel operates an FRA-approved pilot with Genesee & Wyoming and targets the short-haul freight market, which represents approximately 60% of the $1 trillion U.S
Company Information
Company
Parallel Systems
Location
Georgia
About
Parallel Systems develops battery-electric autonomous freight rail technology designed to enable railroads to economically handle shorter and lower-density freight routes traditionally dominated by trucks. Founded in 2020 by former SpaceX engineer Matt Soule, the company targets the short-haul portion of the U.S. surface freight market, focusing on routes under 500 miles. The company has progressed from initial prototypes to commercial deployment under Federal Railroad Administration regulatory testing authorization, with several major railroads under contract for deployment.
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GeorgiaTransportation