Parallel Systems, a startup developing autonomous electric rail vehicles, has raised $100 million in Series C funding. The investment, led by AVP with participation from several other firms, is intended to scale manufacturing of its third-generation Panther vehicle and accelerate its commercial rollout.
The company's rail vehicles are designed to transport several tons of freight up to 500 miles without an operator. These vehicles can operate independently or in platoons, which are typically shorter than conventional trains.
Parallel Systems obtained approval from the Federal Railroad Administration approximately 18 months ago to operate near the Port of Savannah in Georgia. The company has been operating on 160 miles of track in this location to verify the safety of its system.