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Parallel Systems has closed its Series C funding round, raising over $100 million led by AVP. This new capital will accelerate production of the Panther rail vehicle and fuel international commercial expansion.
Parallel Systems, an autonomous freight rail company, has successfully closed its Series C funding round, securing $100 million in new capital. The funds will be used to fully commercialize the next generation Panther rail vehicle and to expand into international markets. The round was led by AVP, with participation from several existing investors. Founded in 2020, Parallel focuses on enhancing the competitiveness of rail for short-haul freight.
Company Information
Company
Parallel Systems
Location
Los Angeles, California, United States
About
Parallel Systems is the world's leading battery-electric autonomous freight rail company, focused on commercializing its innovative Panther rail vehicle. Founded in 2020 by former SpaceX engineer Matt Soule, the company aims to revolutionize short-haul logistics by enabling railroads to handle lower-density routes more efficiently. Parallel's integrated technology leverages the underutilized U.S. rail network to provide a competitive on-demand freight movement solution. This approach not only enhances operational efficiencies but also offers significant environmental benefits compared to traditional trucking.
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Los AngelesTransportationLogistics