Outrider Raises $73M to Accelerate Adoption of Autonomous Distribution Yard Operations
Outrider, which develops autonomous yard operations for logistics hubs, has announced it closed $73 million in Series C financing led by FM Capital. New investors include a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and NVentures, NVIDIA’s venture capital arm. Existing investors participating in the round include Koch Disruptive Technologies (KDT) and New Enterprise Associates (NEA). Outrider has raised $191 million in financing to date based on its technical leadership in autonomous systems for distribution yards.
Outrider said its fully autonomous system dynamically adapts to changes occurring in the yard, such as interacting with over-the-road semi-trucks, delivery vehicles, service vehicles, and integrates with supply chain management systems. At the center of the Outrider System is the autonomous yard truck, which hitches to and unhitches from trailers, robotically connects and disconnects trailer brake lines, backs semi-trailers with precision, interacts safely with loading docks, and keeps track of trailer locations throughout the yard.
“Outrider has consistently delivered breakthrough technology to automate one of the most inefficient links in the supply chain – the distribution yard,” said Andrew Smith, CEO and founder of Outrider. “Our customers will move massive quantities of freight more efficiently, safely, and sustainably using Outrider’s technology. We are thrilled to have an outstanding network of investors who share our vision to set a new standard for the global logistics industry.”
The company said trucking yards are difficult to staff and create bottlenecks in the supply chain. By automating yard operations, logistics-dependent enterprises will increase the time freight spends moving down the highway, address labor shortages, and allow more people to work in safer environments.
Outrider said it will use this funding to expand its proprietary autonomy and safety technology portfolio, increase hiring domestically and internationally, and scale its yard automation solution with large customers in package shipping, retail, e-commerce, consumer packaged goods, grocery, manufacturing, and intermodal industries. Outrider’s customers, representing more than 20% of all yard trucks operating in North America, have invested in joint product testing and pilot operations since 2019.
Outrider’s technology also helps its customers achieve their sustainability goals. Instead of automating legacy diesel vehicles, Outrider automates electric vehicles to reduce fossil fuel use, lower energy and maintenance costs, and reduce emissions.
To learn more, visit the Outrider website here.
