Autonomous technology is more popular than ever before, and its uses are beginning to spread beyond self-driving cars. One of the sectors that may benefit from the technology is the supply chain industry, and one local company recently secured new funding to advance the implementation of autonomous technology in the industry.
On Thursday, Outrider closed a $73 million Series C round led by FM Capital. New investors include NVentures, NVIDIA’s venture capital group and a subsidiary of the Abu Dhabi Investment Authority.
Golden-based Outrider develops autonomous vehicles and equipment for distribution yards. This technology and equipment are intended to help speed up supply chains and the shipment of goods while also making distribution yards safer for employees.
Distribution yards process a lot of cargo that moves from location to location before reaching its final destination. The yards, which are filled with potentially hazardous conditions, use outdated equipment that workers must operate. The yards are also subject to labor shortages that can result in bottlenecks, according to Outrider.
That’s where Outrider’s autonomous yard trucks come in. The trucks can connect with trailer hitches to move cargo to and from loading docks and help the items reach their destination in a timely manner.
“The distribution yard of the future will be both autonomous and electric,” Andrew Smith, founder and CEO of Outrider, told Built In over email. “Automation increases the efficiency and safety of yard operations, and deploying that solution on zero-emission electric yard trucks reduces our carbon footprint.”
Outrider will bring on new hires with its fresh capital. It currently has job openings across various departments. The roles the company will focus on recruiting include engineering, robotics, safety, deep learning and machine learning. Some of the funding will also go toward expanding Outrider’s autonomous technology.
Outrider has raised $191 million in funding since launching in 2017, including a $53 million round in February 2020 and a $65 million Series B in October 2020.
