Tread, A startup aiming to bring its autonomous technology to the nerve center of the supply chain, raised $ 65 million in funding just eight months after sneaking out. The Series B round was led by Koch Disruptive Technologies and brings its total funding raised to $ 118 million.
Other existing investors have increased their investments, including NEA, 8VC and Prologis Ventures, according to the company. New investors included Henry Crown and Company and Evolv Ventures.
The company's goal of automating distribution yards doesn't get the same kind of attention as the more public-facing robotaxis that other companies are pursuing. But it could be just as effective and potentially profitable for the company making it. Distribution yards are where goods move from long haul trucks to warehouses and, ultimately, to the consumer. These centers of economic activity rely on humans to perform repetitive manual tasks using diesel construction trucks. There are approximately 400,000 distribution yards located in the United States, a number that gives an idea of the potential size of the opportunity.
The startup Golden, Colo. Formerly known as Azevtec has developed a three-part system that includes an autonomous electric truck, software to manage the site's operations and infrastructure. The total system automates the manual aspect of site operations, including moving trailers around the yard and to and from loading docks. The system can also hook and unhitch trailers, connect and disconnect trailer brake lines, and monitor trailer positions.
Outrider enhances the double advantages of its electric and autonomous system. The company notes that its electric construction site trucks are ideal for autonomy due to their reduced maintenance, lower operating costs and reliable clean power. Andrew Smith, the company's founder and CEO, says the disruptions caused by COVID-19 highlighted the need for this type of automated distribution technology.
Outrider, which now employs 110 people, has completed "multiple" pilot programs, including one with Georgia-Pacific, and has expanded its customer base since it sneaked out in February.
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